Musk: Most cryptocurrencies are scams

According to a report by Fortune magazine on April 30th, BlockBeats reported that Elon Musk's relationship with Sam Altman and OpenAI has reportedly deteriorated. His testimony in the lawsuit against the AI company also revealed a similar cooling of his attitude towards cryptocurrencies. During a hearing in Oakland court on Wednesday, when asked to explain cryptocurrencies, Musk stated, "Some of them have value, but most are scams." This statement was relayed on social media by Mike Isaac, a reporter for The New York Times. This comment stemmed from a question about OpenAI's brief consideration of raising funds through an Initial Coin Offering (ICO) in 2018. At the time, OpenAI was a non-profit organization. Details of this ICO plan are part of the ongoing legal dispute between Musk and OpenAI over the company's mission. Musk, one of the co-founders of OpenAI (co-founding it in 2015), accused the company of violating its original founding agreement after reaching an investment agreement with Microsoft and beginning to sell commercial products. In court, Musk claimed that OpenAI "misappropriated a charity." OpenAI responded that Musk has always been aware that the organization may eventually transform into a for-profit entity. In a blog post, the company stated that Musk had supported OpenAI's plan to raise funds through an Initial Coin Offering (ICO), which itself involved establishing a for-profit subsidiary.