The celebrity CEO and his television billionaire cohort who shares his love for pumping and dumping crypto are also the people trying to enact regulations to make it much more difficult for average investors to make any money on crypto.

They hate when anyone else other than them can make a quick buck.

Elon Musk

Mark Cuban

How crypto bulls including Cathie Wood, Mark Cuban, and Elon Musk reacted to the flash crash

The value of bitcoin and most cryptocurrencies crashed on 19 May as the volume of investors piling in or rushing to sell their holdings forced online exchanges into severe outages.

Bitcoin plunged more than 30% to lows not seen since the first days of January, falling past the $30,000 mark amid the crash. Ether fell by a similar margin, while smaller coins such as stellar, polkadot and dogecoin took hits of 40% or more.

Mark Cuban, entrepreneur and investor

Cuban is a prominent supporter of cryptocurrencies, and was one of the first to accept dogecoin as payment for merchandise made by his basketball team the Dallas Mavericks.

“De-leveraged markets get crushed. Doesn’t matter what the asset is — stocks, crypto, debt, houses. They bring forced liquidations and lower prices,” Cuban wrote on Twitter on 20 May.

“But crypto has the same problem that [high-frequency traders] bring to stocks, front-running is legal as gas fees [the cost of processing and validating crypto transactions] introduce latency that can be gamed. That makes drops drop faster, and gains go up faster.”

Elon Musk, chief executive of electric carmaker Tesla

Musk and his firm Tesla have been a major proponent of cryptocurrencies, though the CEO has made conflicting statements on the matter in recent weeks. Tesla bought $1.5bn worth of bitcoin for its corporate treasuries in February and later began accepting bitcoin for purchases.

Musk later U-turned on taking bitcoin as payment, stating that the environmental impact of mining for transactions was too great. He also caused a stir after implying Tesla might sell some of its bitcoin, but later clarified that was not the case. He is also a supporter of dogecoin.

As the crash got fully underway, Musk tweeted that Tesla has diamond-hands.

Notably, Michael Saylor, boss of software firm MicroStrategy which also invested billions of dollars in bitcoin for its corporate treasuries, added on Twitter: “I’m not selling.” – Source

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