The internet vigilante group Anonymous warned Elon Musk about his Bitcoin comments on Saturday after the CEO of Tesla posted a tweet that sent the value of the cryptocurrency falling.
Anonymous is a loosely-formed organization of online hackers and activists who have targeted governmental agencies, world leaders, corporations, and churches.
Common tactics of the “hacktivist” group include shutting down websites and accessing sensitive or classified documents and releasing them.
Anonymous targets Elon Musk over bitcoin
Most recently, Anonymous threatened Tesla CEO Elon Musk, accusing him of using government subsidies to invest in Bitcoin, a cryptocurrency Musk has recently disavowed.
Musk, once a vocal advocate for the use of Bitcoin and other cryptocurrencies, sent out a tweet on Friday that caused the price of the world’s largest cryptocurrency to fall drastically.
The tweet, which was posted shortly after 4:00 AM, included a meme featuring lyrics alluding to a break up from a song by the band Linkin Park.
Musk added a hashtag “Bitcoin” with a broken heart emoji to the meme.
By 1:00PM, the price of Bitcoin fell by 3.6%, and by just three hours later, it dipped 4.3%.
— Elon Musk (@elonmusk) June 4, 2021
What may seem like a simple meme sent the price of bitcoin plummeting, reflecting Musk’s influence on the crypto market.
His massive power over the prices of cryptocurrencies is evidenced by the rise and fall of dogecoin.
Accusations of manipulating the crypto market
Musk had a habit of tweeting about dogecoin, a previously little-known bitcoin competitor, and could send the price of the cryptocurrency soaring.
Yet, much like bitcoin, Musk also has the power to bring the value of dogecoin down.
When he appeared on Saturday Night Live in May, Musk joked about dogecoin. After his appearance, the value of the cryptocurrency tumbled.
Similarly, in May, Musk announced that Tesla would no longer accept bitcoin as a method of payment for its luxury electric vehicles, citing the energy used to run the cryptocurrency.
This announcement sent bitcoin’s value tumbling.
Those who invest in cryptocurrency consider his comments irresponsible, and while some view them as trivial, offhand jokes, others think Musk’s comments are much more calculated.
Musk’s pattern of praising or rejecting a cryptocurrency, only to see its value rise or fall, has caused many to question whether the Tesla CEO is manipulating the market for his own gain.
Anonymous release video full of accusations
This set off the ire of Anonymous, who released a video that charges Musk with using government subsidies to invest in bitcoin, as well as even more serious accusations.
“It seems that the games you have played with the crypto markets have destroyed lives,” a masked figure in the video states, referring to the idea that Musk has been manipulating crypto prices on purpose.
“Many people are now learning that the vast majority of Tesla’s income doesn’t actually come from selling cars. It comes from government subsidies, selling carbon tax credit for your innovation with clean energy.
“Tesla has also made more money holding bitcoin for two months than they did in years of selling cars. It is also more than likely that this bitcoin was purchased with money from these government subsidies,” the member of Anonymous claims in the video.
Musk, through his project SpaceX, is aiming at the colonization of Mars to ensure the survival of mankind in the wake of climate change.
Anonymous questions his motives, however: “your quest to save the world is more rooted in a superiority and savior complex than it is in actual concern for humanity,” the figure says in the video.
The video also alleges that Musk would “stage coups in order to install dictators in places where (his) toxic products are being mined.”