Musk Says "Most" Cryptocurrencies are Scams in Court Testimony

Elon Musk’s relationship with OpenAI has long been strained, and recent court testimony suggests his views on cryptocurrency have also shifted, Jack Kubinec reported for Fortune.

The comment came in response to a question about OpenAI’s past consideration of launching a cryptocurrency through an initial coin offering (ICO) in 2018.

Testifying in a lawsuit involving OpenAI, Musk said that while “some” cryptocurrencies have merit, “most of them are scams,” according to reporting from The New York Times.

The comment came in response to a question about OpenAI’s past consideration of launching a cryptocurrency through an initial coin offering (ICO) in 2018.

ICOs involve selling digital tokens to investors, similar in concept to an initial public offering (IPO).

ICOs attracted massive speculative investment in the late 2010s but are widely associated with failed or fraudulent projects.

The discussion arose as part of Musk’s broader legal dispute with OpenAI, which he co-founded in 2015. Musk alleges the company deviated from its original nonprofit mission after partnering with Microsoft and commercializing its products.

During testimony, he claimed OpenAI “stole a charity.”