Elon Musk told a court that while some crypto assets have value, he considers the majority to be a scam.

Court testimony and context

The statement was made during litigation involving OpenAI, where the parties discussed the company’s early plans and financing options.

Among those plans, attorneys reviewed the potential use of an ICO — an initial coin offering — as one of the fundraising routes evaluated by founders.

Direct quote

«some crypto assets have value, but most are a scam»

Details and limitations

Musk did not enumerate specific tokens or projects in his testimony, and the remark was presented as a general assessment of the sector.

The exchange in court related to historical discussions about funding approaches and does not, by itself, alter any existing regulatory or market classifications.

Background on ICOs

An ICO is a fundraising mechanism in which projects sell tokens to early backers, commonly used during the token market’s earlier phases.

Legal scrutiny of fundraising methods and token classifications has increased in recent years, and references to ICOs often arise in litigation about past corporate choices.