Musk says most crypto coins are scams as OpenAI ICO plans surface in court
Elon Musk said most cryptocurrencies are scams during testimony in his lawsuit against OpenAI, where past plans for an ICO also surfaced, as reported by New York Times journalist Mike Isaac.
Elon Musk explaining what cryptocurrency is to the jury: “Some of them have merit, but most of them are scams.”
this is responding to early emails where OpenAI discussed holding an ICO, or initial coin offering, in order to fund the company.
(back then, ICOs were en vogue…)
— rat king 🐀 (@MikeIsaac) April 29, 2026
The tech mogul and vocal Dogecoin fan has confirmed in multiple interviews that he personally owns Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).
Tesla, his electric vehicle company, also holds Bitcoin on its balance sheet and accepts DOGE for select merchandise purchases.
The company reported retaining its full 11,509 Bitcoin holdings through Q1 2026, even as Bitcoin dropped 22% during the quarter, temporarily reducing the value of its assets from around $1 billion to $786 million before rebounding.
The company has not adjusted its crypto position since early 2025, maintaining a reduced stake after selling 75% in 2022.
The legal battle between Musk and OpenAI CEO Sam Altman entered a new phase Monday as a trial began in California over the future of OpenAI.
Musk alleges that Altman and OpenAI violated their founding agreement by transforming the organization from a non-profit into a for-profit enterprise tied to Microsoft, while OpenAI counters that Musk had agreed to such a shift. Jury selection highlighted generally negative views of Musk but assurances of fairness.
The trial, expected to run about three weeks, carries high stakes, including Musk’s demands for leadership removal, reversal of restructuring, and more than $134 billion in damages as OpenAI prepares for a potential IPO.
