Cryptocurrency News

Signia CEO Criticizes Elon Musk for Alleged Bitcoin Pump and Dump



One of South Africa’s richest women and CEO of financial services company Signia, Magda Wierzica, said Tesla CEO Elon Musk could be investigated by authorities over recent allegations of crypto price manipulation – if his goal is nearly Bitcoin would have been something else.

In an interview with Bruce Whitfield money show This week, Wierzyca said Musk’s recent social media activity on the price of bitcoin (B T c) should have been the subject of investigation by the US Securities and Exchange Commission, or SEC, if bitcoin were to be more of a traditional company. The SEC previously accused the Tesla CEO of fraud in 2018 for issuing false and misleading tweets, and was rumored to be under investigation for Dogecoin, his backer.Doge) tweets earlier this year.

“The [Bitcoin] The volatility we have seen is an unpredictable act of what I would call market manipulation by Elon Musk,” said Virjica. “If this happens to any listed company, it will be scrutinized and sanctioned critically” [the] SEC.”

According to the CEO of Signia, Musk intentionally increased the price of bitcoin (B T c) by writing tweets mentioning Tesla’s $1.5 billion BTC purchase, then “sold a substantial portion of its exposure at the peak.” Musk’s public statements on bitcoin as well as reversing Tesla’s position on accepting cryptocurrencies as a form of payment constitute price manipulation.

related: Early Arrogance and Greed: Elon Musk Slammed for Crypto Manipulation

Many have criticized Musk for allegedly manipulating the price of bitcoin and other cryptocurrencies such as DOGE through his Twitter posts and public appearances. saturday night live – The Tesla CEO appeared as a character named “The Dogfather” and referred to the token as “a bust”. Last week, he also mentioned Project ComRocket (CUMMIES) in a series of tweets that could see the coin’s price rise by 366% from $0.06 to $0.28.

Although many crypto traders have made a profit by investing in some of the Musk Pump projects, allegations of price manipulation of bitcoin – with the largest market capitalization of all cryptocurrencies – are particularly worrying for some. The price of the crypto asset is down more than 43% since hitting an all-time high of $64,899 in April and is at $36,870 at the time of publication. However, the price of bitcoin fell to $30,000 last month.

“What we have seen with bitcoin is price manipulation by a very powerful and influential person,” said Wirzyka.