Elon Musk Calls Most Crypto a Scam During OpenAI Lawsuit Hearing
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Elon Musk called most crypto projects "scams" during court testimony tied to OpenAI's abandoned 2018 ICO fundraising plan, raising reputational and regulatory risk for token launches and fundraising. The lawsuit centers on claims OpenAI shifted from a nonprofit after a major Microsoft investment, increasing scrutiny on crypto fundraising, corporate governance and AI-related token proposals. Tesla still holds 11,509 BTC (~$786M) after selling the majority in 2022, a significant on-chain exposure that could influence Bitcoin market dynamics and adoption sentiment.
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- Elon Musk calls most crypto projects scams during testimony tied to OpenAI’s abandoned 2018 ICO fundraising plan.
- Court case centers on Musk accusing OpenAI of shifting from a nonprofit mission after a major Microsoft investment deal.
- Despite criticism, Tesla still holds 11,509 Bitcoins worth $786 million after selling the majority in 2022.
Elon Musk’s lawsuit against OpenAI has brought the company’s past fundraising plans into court. Testimony in Oakland tied the dispute to a proposed 2018 crypto fundraising idea.
Musk aimed much of the crypto sector during testimony in his lawsuit against OpenAI on Wednesday. In an Oakland courtroom, he said “some of them have merit, but most of them are scams.”
Musk’s Crypto Remark Tied to OpenAI ICO Dispute
The remark came when Musk was asked to explain crypto in court. New York Times reporter Mike Isaac late…
Read The Full Article Elon Musk Calls Most Crypto a Scam During OpenAI Lawsuit Hearing On Coin Edition.
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