Elon Musk Calls Crypto a Scam-a-Rama in OpenAI Court Comedy!

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Key Highlights (Or Should We Say, High-Larious Points?)

  • Elon Musk, the tech titan with a knack for drama, declared in court that most cryptocurrencies are scams during the OpenAI lawsuit in Oakland. What a plot twist!
  • This bombshell dropped while discussing OpenAI’s wacky idea of raising funds through an ICO-because who needs venture capital when you can sell digital tokens to the masses?
  • Musk’s quip adds to the ongoing feud with OpenAI over its mission shift, proving that even billionaires can’t resist a good catfight.

In the latest episode of As the Tech World Turns, Elon Musk took the stand in the OpenAI lawsuit and dropped a zinger: most cryptocurrencies are scams. Cue the gasps and the dramatic courtroom music!

The moment came when Musk was grilled about OpenAI’s early plan to use an Initial Coin Offering (ICO) to raise funds. His response? “Some of them have merit, but most of them are scams,” according to New York Times reporter Mike Isaac’s tweet. Because nothing says ‘innovation’ like a good old-fashioned scam, right?

Elon Musk explaining cryptocurrency to the jury: “Some of them have merit, but most of them are scams.”

This gem came up while discussing OpenAI’s brainstorm of holding an ICO to fund their AI dreams.

(Back then, ICOs were all the rage-like pet rocks, but digital!)

– rat king 🐀 (@MikeIsaac) April 29, 2026

This all went down on day three of the trial in Oakland, where the drama was thicker than a Shakespearean tragedy.

What’s the Beef?

This courtroom showdown is the culmination of a long-running feud between Musk and OpenAI, a company he helped launch in 2015. Musk is suing OpenAI, claiming it ditched its nonprofit mission faster than a bad date. He argues that after cozying up to Microsoft, OpenAI started peddling commercial AI products like they were hotcakes.

Cryptocurrency got dragged into the mess when the discussion turned to OpenAI’s early funding ideas. Because nothing says ‘public benefit’ like selling digital tokens to the masses.

In court, Musk accused OpenAI of “stealing a charity,” while OpenAI fired back that Musk knew all along they might go for-profit. They also reminded everyone that Musk was in the loop about the ICO idea-because who doesn’t love a good he-said-they-said?

What’s an ICO?

An Initial Coin Offering (ICO) is the crypto world’s version of a lemonade stand-except instead of lemonade, you’re selling digital tokens. It was all the rage in the late 2010s, until most of the projects crashed and burned, leaving investors with nothing but digital IOUs.

This context makes Musk’s comment even spicier, as he basically called the crypto market a wild west of scams and shenanigans.

Musk and Crypto: A Love-Hate Story

Musk’s relationship with crypto has been a rollercoaster. During the 2020-2021 crypto boom, he was crypto’s biggest cheerleader. Tesla even dropped $1.5 billion on Bitcoin and briefly accepted it as payment. And let’s not forget his Dogecoin shenanigans, which sent prices to the moon (and back down again).

But then Tesla sold 75% of its Bitcoin holdings in 2022, proving that even billionaires can change their minds. According to recent filings, Tesla still holds 11,509 Bitcoin, worth about $786 million after a $222 million markdown in early 2026. So, it’s not all bad-just mostly.

Musk’s recent comments suggest he’s soured on the crypto sector, though they were made in the heat of his legal battle with OpenAI. Because nothing says ‘I’m serious’ like trashing your ex in court.

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2026-04-30 21:57