Musk: Most Cryptocurrencies Are a Scam

BlockBeats News, April 30th. According to Fortune magazine, the relationship between Musk and Sam Altman, as well as OpenAI, is well known to have deteriorated. In his testimony in a lawsuit against this artificial intelligence company, he also demonstrated a cooling attitude towards cryptocurrency.

During a court hearing on Wednesday in Oakland, when asked to explain cryptocurrency, Musk said, "Some of them are valuable, but most are scams." This statement was relayed by New York Times reporter Mike Isaac on social media.

This comment stemmed from questions about OpenAI considering a brief initial coin offering (ICO) for funding in 2018. At that time, OpenAI was still a non-profit organization. The details of this ICO plan have been part of Musk's ongoing legal disputes with OpenAI regarding the company's mission.

Musk is one of the co-founders of OpenAI (participating in its founding in 2015), and he accused the company of violating its original founding agreement after reaching an investment agreement with Microsoft and starting to sell commercial products. In court, Musk referred to OpenAI as having "misappropriated a charitable organization."

In response, OpenAI stated that Musk had always been aware that the organization might eventually transition to a for-profit entity. The company said in a blog post that Musk had supported OpenAI's plan to raise funds through an initial coin offering (ICO), a plan that itself involved establishing a for-profit subsidiary.