Musk, Cryptocurrency Price Manipulation?‥SEC Investigation Rumors Spread

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Baek Jong-min] Rumors are spreading that Elon Musk, CEO of Tesla, is under investigation by the U.S. Securities and Exchange Commission (SEC) for allegedly driving up the price of the cryptocurrency Dogecoin.

On the 25th (local time), according to U.S. cryptocurrency specialized media, a tweet citing a source claiming that Musk is under investigation by the SEC is spreading widely.

The media report that neither the SEC nor Musk’s side has made any official statements regarding these reports, but Musk’s past behavior is leading to speculation that the investigation rumors may be credible.

Musk recently posted a series of tweets encouraging the rise in Dogecoin’s price. He also revealed that he purchased Dogecoin for his son. Thanks to Musk’s support, Dogecoin has surged more than 800% this year.

After Musk repeatedly expressed support for Bitcoin, Tesla disclosed that it had purchased $1.5 billion worth of Bitcoin.

Musk had previously mentioned the possibility of Tesla delisting on Twitter and was investigated by the SEC, resulting in a $20 million (approximately 2.2 billion KRW) fine.

Meanwhile, as rumors of the SEC investigation into Musk spread, the price of Dogecoin has fallen by about 8%.

This content was produced with the assistance of AI translation services.