On April 30, 2026, Elon Musk drops a bombshell in a California courtroom. The billionaire claims that while some crypto assets have merit, the majority are scams. The statement comes just as people are digging into OpenAI’s old ICO projects. 💣
🔍 What’s going on?
Musk is testifying in his lawsuit against OpenAI, the organization he co-founded in 2015. He accuses the company of betraying its non-profit mission by partnering with Microsoft and commercializing its products. OpenAI defends itself by claiming that Musk was aware of a possible shift toward a for-profit model.
Incidentally, we’ve learned that OpenAI had considered raising funds via an ICO in 2018. It was precisely on this point that Musk dropped his bombshell remark about crypto scams. The timing speaks volumes about the atmosphere of the trial.
As for Tesla, the company still holds 11,509 bitcoins, which were worth $786 million in the first quarter of 2026. That’s a hefty sum, even though the company missed out on much of the bull run after selling 75% of its holdings in 2022.
💡 Why does this matter?
When Musk talks crypto, the markets listen. The same man who propelled Dogecoin to new heights with a few tweets now claims that most projects are scams. For traders, this is a signal to exercise extreme caution with altcoins and meme tokens.
Another troubling development: ZachXBT, the renowned blockchain investigator, published a scathing thread on April 28 about Worldcoin, Sam Altman’s crypto project. He points to a launch with very few tokens in free circulation—a classic tactic for manipulating prices. Two major tech figures finding themselves at the center of crypto controversies in less than 48 hours is rarely a coincidence.
📊 Our take
To us, Musk is saying out loud what many are thinking privately. The majority of cryptos launched in recent years have no real utility.
The timing of his statement is strategic. By attacking OpenAI’s ICOs while labeling most cryptos as scams, he undermines his opponent’s funding plans. Clever, but not without merit. The numbers speak for themselves: of the thousands of tokens launched since 2017, only a handful have survived and created real value. The rest enriched their creators before collapsing. In Europe, the AMF and ESMA are issuing increasing warnings against dubious projects, but MiCA regulations alone won’t be enough to clean up all the excesses. As for Worldcoin, ZachXBT’s accusations of manipulation of the circulating supply are reminiscent of the toxic “pump and dump” practices of 2017–2018.
We anticipate increased regulatory pressure on new token launches over the next 12 months. For French traders: focus on Bitcoin and Ethereum, the only two crypto assets with institutional liquidity and clear regulation. Avoid ICOs and tokens with low circulation.
✅ Key Takeaway
- Elon Musk calls most cryptocurrencies scams in a California court
- This statement comes during his lawsuit against OpenAI regarding the 2018 ICO projects
- ZachXBT simultaneously accuses Sam Altman’s Worldcoin of questionable practices
- Tesla holds 11,509 bitcoins valued at $786 million as of Q1 2026
- Only Bitcoin and Ethereum offer sufficient regulatory security for European traders
What do you think? Is Musk right to call most cryptocurrencies scams, or is this just a strategy for his lawsuit against OpenAI?
🔎 See also
To learn more, check out all our crypto analyses on ActuTrading Crypto 📈
Source: Elon Musk’s testimony before the Oakland court, ZachXBT investigation, Tesla financial documents
