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#DeFiLossesTop600MInApril
Elon Musk Says Most Crypto Assets Are a Scam, but X Launches New Crypto Trading Terminal
Elon Musk told a jury in Oakland that most crypto assets are a scam while testifying in a civil trial against OpenAI, marking a major shift from his position as one of the vocal supporters of the sector for years.
The CEO of Tesla and SpaceX made this statement when asked about OpenAI's plans in 2018 to raise funds through an initial coin offering (ICO), according to a report by New York Times journalist Mike Isaac.
Sharp Turn from Vocal Crypto Supporter
Musk from 2020 to 2021 moved the market through tweets and corporate purchases. Tesla bought Bitcoin
BTCUSD
worth US$1.5 billion in 2021, becoming one of the first major public companies to hold crypto assets on their balance sheet.
Musk's posts about Dogecoin
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repeatedly pushed the meme coin's price to new all-time highs in the same year. The billionaire also previously confirmed he owns Bitcoin, Ethereum
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, and Dogecoin in various interviews.