Over the years, Elon Musk has supported many cryptocurrencies, and even some of his companies, such as Tesla, have invested in Bitcoin, but in a new twist Musk revealed that most cryptocurrencies are nothing but scams.

Musk’s remarks came during a session at an Oakland court, as part of a lawsuit filed against OpenAI CEO Sam Altman, where he was asked to clarify his position on cryptocurrencies. Musk said: “Some currencies have a real foundation, but most of them are scams.”

According to The New York Times, these remarks were in response to a question about OpenAI’s previous plans to use an initial coin offering (ICO) in 2018 to fund its non-profit activities.

An initial coin offering (ICO) is a model similar to initial public offerings, in which digital tokens are sold to investors. It saw widespread adoption during the latter part of the last decade, before, in many cases, becoming associated with failed projects or high-risk speculation.

These statements come in the context of an escalating legal dispute between Musk and OpenAI, in which Musk accuses the company of straying from its founding mission after partnering with Microsoft and shifting into a profitable commercial model, describing it as having “deviated from its original goal

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