Investment

Sygnia CEO criticizes Elon Musk for allegedly pumping and dumping bitcoins

Magda Wierzycka, one of South Africa’s richest women and CEO of Sygnia’s financial services company, said Tesla CEO Elon Musk would likely be investigated by the authorities over recent allegations of his manipulation of cryptocurrency prices – if his target were almost anything other than Bitcoin. .

In an interview with Bruce Whitfield at Money Show this week, Wierzycka he said Musk’s recent social media activity on the price of bitcoin (BTC) should have it investigated by the US Securities and Exchange Commission if bitcoins were more of a traditional company. The SEC had previously accused CEO Tesla of fraud for issuing fake and misleading tweets in 2018 and was said to be investigating him for his pro-dogecoin (DOGE) tweets earlier this year.

“The [Bitcoin] the volatility we have seen is an unexpected function of what I would call the market manipulation by Elon Musk, ”said Wierzycka. “If that happened to a listed company, it would be investigated and severely sanctioned.” [the] SEC. “

According to Sygnia CEO Musk, he deliberately pumped the price of bitcoin (BTC) by writing tweets, including those mentioning Tesla’s purchase of BTC 1.5 billion, then “sold much of its exposure at the top”. Musk’s public statements about bitcoins, as well as his reversal of Tesla’s position regarding the acceptance of cryptocurrency as a form of payment, constitute price manipulation.

Related: Initial arrogance and greed: Elon Musk attempted crypto manipulation

Many people have criticized Musk for allegedly manipulating the price of bitcoin and other cryptocurrencies, such as DOGE, through his Twitter posts and public appearances on Saturday night life – The CEO of Tesla appeared as a character named “The Dogefather” and described the token as “shon”. He also mentioned the CumRocket (CUMMIES) project last week in a series of tweets that likely shifted the token price by 366% from $ 0.06 to $ 0.28.

Although many cryptocurrency traders have invested in some of the projects that Musk pumps, allegations of manipulation of bitcoin prices – with the largest market capitalization of all cryptocurrencies – are particularly relevant. The price of the cryptocurrency has fallen by more than 43% since it reached an all-time high of $ 64,899 in April and is $ 36,870 at the time of publication. However, the price of bitcoin fell to just $ 30,000 last month.

“What we’ve seen with bitcoins is price manipulation by one very strong and influential person,” Wierzycka said.


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