Elon Musk Slams Most Cryptos as Scams in Court

Elon Musk dropped a bombshell in an Oakland courtroom. Most cryptocurrencies are scams, he told jurors during his civil trial against OpenAI. Hours later, his social platform X launched tools to make it a go-to spot for crypto and stock trading. This bold crypto stance sparks big questions about his true game plan.

Jurors in federal court heard Elon Musk lay into cryptocurrencies on Wednesday. The Tesla boss took the stand in his lawsuit against OpenAI founders Sam Altman and Greg Brockman. He claims they ditched the group’s nonprofit roots for big profits tied to Microsoft.

Musk faced questions about an old OpenAI pitch. Back in 2018, the AI firm eyed raising cash through an initial coin offering, or ICO. He shot it down fast.

“Some of them have merit, but most of them are scams.” That line hit harder than Musk’s past crypto jabs. He stressed he likes Bitcoin but sees the market full of fakes.

The trial, now in week one, could drag into late May.

OpenAI’s 2018 ICO Plan Faces Scrutiny

OpenAI pitched the ICO idea eight years back as a quick cash grab. Leaders hoped to fund their AI push without losing control. Musk called it a bad move right away.

Court files show his reply. An ICO would trash OpenAI’s good name and hurt backers, he warned. The plan died fast.

This ties to Musk’s core beef. OpenAI swore to stay nonprofit for human good, he says. Instead, it chased billions in value. Jurors got a peek at seed cash woes too, like $38 million spent wrong.

The dust-up revives ICO memories. Those hype-fueled token sales led to waves of rug pulls and busts.

Experts nod at Musk’s take. A 2022 Chainalysis report found over $14 billion lost to crypto crime that year alone.

X Cashtags Turn Platform into Trading Powerhouse

X moved quick on the crypto front. Head of product Nikita Bier announced web cashtags Thursday. Type $BTC, $ETH, $DOGE or $XRP, and it pulls up live charts plus related posts.

No app switch needed. Users see prices tick in real time next to trader chatter.

Bier called it key for any trading setup. X now acts as a core trading terminal, he posted.

The feature hit iOS in the US and Canada two weeks ago. Early buzz drove $1 billion in trades worldwide, per Bier’s data from exchanges.

Here is what cashtags offer traders:

• Real-time price charts with time filters
• All posts tied to that exact asset
• Trade buttons linked to partners like Wealthsimple
• Spam cuts via smart matching to contracts

X fights ticker tricks too. Bad actors pump fake coins with hot labels. This locks in the real deal.

Smart Play: Tame Wild Crypto, Build Safe Hub

Musk’s scam call fits X’s push. He bashes unregulated token madness but backs proven plays like Bitcoin.

X crafts a walled garden. Users trade big names with live data and crowd smarts, all licensed and checked.

Think Bloomberg meets social feed. Retail folks get pro tools without scam risks.

This shakes finance. Billions shift daily on X posts. Cashtags speed smart bets.

One risk stands out. Regulators eye social trading hard. Lawmakers probe if platforms like X skirt broker rules.

Past launches show promise. The iOS rollout spiked volumes fast.

Crypto stays split. Bitcoin holds strong at over $90,000 lately. Meme coins crash often.

X eyes more. Bier hints at direct trades soon.

Musk’s words and X moves paint a clear path. He wants crypto cleaned up under his watch. This trial bombshell warns investors: pick winners or get burned. Your wallet hangs in the balance as wild markets rage on.