Elon Musk testifies that most cryptocurrencies are scams

Tesla CEO Elon Musk stated that most cryptocurrencies are scams during his testimony in a lawsuit against OpenAI, Fortune magazine reported. Appearing as a witness in an Oakland court on April 30, Musk, a co-founder of OpenAI, was asked whether the organization had planned a coin offering (ICO) in 2018 to raise funds when it was still a non-profit. He responded that while some cryptocurrencies have value, most are scams. OpenAI has previously asserted in a blog post that Musk supported its plan to raise funds through an ICO and was aware that OpenAI could evolve into a for-profit company. Sam Altman, the current CEO of OpenAI, was a co-founder of Worldcoin (WLD), which launched in 2023.