Cumrocket<\/a> which has absolutely no use case besides being a money-grab. The coin rose over 70 percent after Musk tweeted about it.<\/p>\nThere have been no legal steps taken against Musk regarding the tweets. This being that there are no laws that can be said to have been violated at this point.<\/p>\n
Featured image from Robb Report, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"Elon Musk\u2019s tweets have been a bone of contention for a while now. Every time the billionaire tweeted about a coin, the price of that coin skyrockets. The CEO of Tesla has been promoting coins that are fondly referred to as \u201cshitcoins\u201d on Twitter. Musk has started with Doge in February when he tweeted out Doge. Then followed up with Doge is the people\u2019s crypto. This immediately sent the price of the coin rocketing as people start buying into the coin. Elon would continue to do these with other altcoins. One hotly debated topic is the legality of these tweets which seemed to be aimed at manipulating market prices. Related Reading |\u00a0Ledger Scam: Scammers Mail Hacked Ledger Devices To Steal Crypto Some people have called this a version of insider trading. But there is nothing like insider trading laws yet in the crypto space due to cryptocurrencies still being heavily unregulated. There are no laws governing market manipulation. With high volatility, digital assets are very prone to be manipulated. This is not the first time a prominent person has used their platform to shill coins. John McAfee was notorious for shilling ICOs without disclosing he was paid to do so. Which led to his subsequent arrest in Spain. John McAfee\u2019s Arrest During the last bull market which started in 2017, ICOs were the big thing. Dozens of ICOs were being released each day and the market became saturated. In order to get their coins in front of more eyes, the people behind the ICOs went the route of getting influential people to tweet about them. John McAfee was the obvious choice. He alleged that he collected $105,000 to tweet about a coin or ICO. According to the SEC, McAfee made $23 million for shilling ICOs. Bitcoin price | Source: BTCUSD on TradingView.com His arrest was not directly for shilling but it was a part of it. Since there were really no laws regarding shilling, the SEC had to go the route of tax evasion. Charges of failure to disclose income from the ICOs and routing his earnings through cryptocurrency to avoid paying taxes were brought against him. McAfee was arrested on October 5th, 2020, in Spain at the request of the SEC. He is currently being held in Spain. His extradition has not been determined yet. With McAfee claiming he would die in prison is extradited to the States. Elon Musk\u2019s Tweets This is not the first time that Musk\u2019s tweets have been a problem. Back in 2018, the SEC requested that Elon Musk be held civil contempt due to misleading facts tweeted by the CEO about his company Tesla. The tweets included things like claiming the automaker would build 500,000 cars a year. Also claiming that he had secured funding when he hadn\u2019t. These tweets are said to have manipulated the stock price of the company. Related Reading |\u00a0Bitcoin Mining Council: We Need To Tackle Negative Media Narratives In response to these, Elon Musk said that his tweets were part of his right to free speech. And that he was free to tweet whatever he wished. The ensuing lawsuit led to the outcome that the CEO would have the freedom to use Twitter, with certain limitations. His tweets that are material to shareholders need to be reviewed before being allowed to be posted. But cryptocurrencies are not included in the list of restricted topics for the billionaire. And so, he has taken to shilling coins on his Twitter account. His latest shilling project being the coin Cumrocket which has absolutely no use case besides being a money-grab. The coin rose over 70 percent after Musk tweeted about it. There have been no legal steps taken against Musk regarding the tweets. This being that there are no laws that can be said to have been violated at this point. Featured image from Robb Report, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":465961,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1785,7,8375,7564,3847,83754],"class_list":["post-465960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-doge","tag-dogecoin","tag-elon-musk","tag-john-mcafee","tag-shilling","tag-shitcoins"],"acf":[],"yoast_head":"\n
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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/ktsl888.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Can Elon Musk Go To Prison For Manipulating Prices And Shilling Shitcoins?","url":"http:\/\/ktsl888.com\/news\/elon-musk-go-to-prison\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/elon-musk-go-to-prison\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/06\/Elon-musk.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/06\/Elon-musk.jpeg?fit=1000%2C563"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["doge","dogecoin","elon musk","john mcafee","shilling","shitcoins"],"dateCreated":"2021-06-21T23:45:06Z","datePublished":"2021-06-21T23:45:06Z","dateModified":"2024-06-11T13:56:30Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Can Elon Musk Go To Prison For Manipulating Prices And Shilling Shitcoins?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/elon-musk-go-to-prison\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/elon-musk-go-to-prison\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/Elon-musk.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/Elon-musk.jpeg?fit=1000%2C563\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"doge\",\"dogecoin\",\"elon musk\",\"john mcafee\",\"shilling\",\"shitcoins\"],\"dateCreated\":\"2021-06-21T23:45:06Z\",\"datePublished\":\"2021-06-21T23:45:06Z\",\"dateModified\":\"2024-06-11T13:56:30Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/06\/Elon-musk.jpeg?fit=1000%2C563","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/465960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=465960"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/465960\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/465961"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=465960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=465960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=465960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}