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On May 12, the Elon Musk vs. OpenAI case saw two key witnesses appear in court on May 11: Microsoft CEO Satya Nadella and OpenAI co-founder Ilya Sutskever. Nadella emphasized in court that Musk had never raised any objections to him regarding whether Microsoft's investment in OpenAI violated any specific terms or related commitments. In 2024, Musk filed a lawsuit against OpenAI, its CEO Sam Altman, and President Greg Brockman, accusing them of abandoning their initial nonprofit commitments and turning to commercialization for profit under the guise of a charitable organization, thus breaching their fiduciary duties. Microsoft is also named as a defendant in the case. Musk alleges that Microsoft has assisted and enabled OpenAI's actions that allegedly violate the purpose of the charitable trust. Since 2019, Microsoft has been a major investor in OpenAI, and in 2023, it made a significant investment of up to $10 billion in OpenAI. Musk believes that this $10 billion investment was a critical turning point that led him to conclude that OpenAI is straying from its nonprofit mission.

[New Developments in Musk vs. OpenAI Case: Microsoft CEO Nadella States Musk Never Questioned Microsoft's Investment]On May 12, the Elon Musk vs. OpenAI case saw two key witnesses appear in court on May 11: Microsoft CEO Satya Nadella and OpenAI co-founder Ilya Sutskever. Nadella emphasized in court that Musk had never raised any objections to him regarding whether Microsoft's investment in OpenAI violated any specific terms or related commitments. In 2024, Musk filed a lawsuit against OpenAI, its CEO Sam Altman, and President Greg Brockman, accusing them of abandoning their initial nonprofit commitments and turning to commercialization for profit under the guise of a charitable organization, thus breaching their fiduciary duties. Microsoft is also named as a defendant in the case. Musk alleges that Microsoft has assisted and enabled OpenAI's actions that allegedly violate the purpose of the charitable trust. Since 2019, Microsoft has been a major investor in OpenAI, and in 2023, it made a significant investment of up to $10 billion in OpenAI. Musk believes that this $10 billion investment was a critical turning point that led him to conclude that OpenAI is straying from its nonprofit mission.

New Developments in Musk vs. OpenAI Case: Microsoft CEO Nadella States Musk Never Questioned Microsoft's Investment

On May 12, it was reported that Musk's artificial intelligence model Grok is significantly lagging behind rapidly growing competitors. A large-scale computing power leasing agreement between its parent company SpaceX and Anthropic has raised questions about whether Grok still has a chance to catch up with industry leaders. Since its launch two years ago, Grok has attracted millions of users with its integration with Musk's social platform X and controversial features like 'AI companions.' However, the latest data indicates that its growth momentum seems to have stagnated. According to analysis from AppMagic, Grok's downloads in April this year have dropped to around 8.3 million, down from over 20 million in January. A survey conducted by research firm Recon Analytics among over 260,000 AI users and professionals in the US shows that the percentage of respondents willing to pay for Grok remained almost unchanged at just 0.174% in the second quarter of 2026, compared to 0.173% a year ago. In contrast, over 6% of respondents reported having paid for ChatGPT.

[US Media: Musk's Grok is Falling Behind in the AI Race]On May 12, it was reported that Musk's artificial intelligence model Grok is significantly lagging behind rapidly growing competitors. A large-scale computing power leasing agreement between its parent company SpaceX and Anthropic has raised questions about whether Grok still has a chance to catch up with industry leaders. Since its launch two years ago, Grok has attracted millions of users with its integration with Musk's social platform X and controversial features like 'AI companions.' However, the latest data indicates that its growth momentum seems to have stagnated. According to analysis from AppMagic, Grok's downloads in April this year have dropped to around 8.3 million, down from over 20 million in January. A survey conducted by research firm Recon Analytics among over 260,000 AI users and professionals in the US shows that the percentage of respondents willing to pay for Grok remained almost unchanged at just 0.174% in the second quarter of 2026, compared to 0.173% a year ago. In contrast, over 6% of respondents reported having paid for ChatGPT.

US Media: Musk's Grok is Falling Behind in the AI Race

genius Hits New High of 0.5494 USDT, Up 1.35% in 24H

【genius soared to 0.5494 USDT, a new high with a 24-hour increase of 1.35%. It currently trades at 0.5494 USDT on HTX.】genius Hits New High of 0.5494 USDT, Up 1.35% in 24H

genius soared to 0.5494 USDT, a new high with a 24-hour increase of 1.35%. It currently trades at 0.5494 USDT on HTX.

On May 12, ARK Invest, led by Cathie Wood, purchased approximately $5.5 million worth of Circle stock on Monday, following a 16% surge in the stock after the release of its first-quarter earnings report. According to ARK's trading report on May 11, the firm's three ETFs—Innovation (ARKK), Next Generation Internet (ARKW), and Blockchain and Fintech Innovation (ARKF)—collectively bought 41,904 shares of Circle Internet Group. This marks ARK's first increase in Circle holdings since March 24. ARK typically adjusts its positions to ensure that no single stock exceeds 10% of the fund, thus actively rebalancing when certain asset prices fluctuate significantly. According to the latest disclosures, Circle is currently the sixth-largest holding in the ARKK ETF, accounting for approximately 4.6% of the fund, with a market value of about $306.5 million, trailing only Tesla, Advanced Micro Devices, CRISPR Therapeutics, Tempus AI, and Roku.

[ARK Invest Invests $5.5 Million to Increase Stake in Circle Stock, Which Soared 16% After Q1 Earnings Report]On May 12, ARK Invest, led by Cathie Wood, purchased approximately $5.5 million worth of Circle stock on Monday, following a 16% surge in the stock after the release of its first-quarter earnings report. According to ARK's trading report on May 11, the firm's three ETFs—Innovation (ARKK), Next Generation Internet (ARKW), and Blockchain and Fintech Innovation (ARKF)—collectively bought 41,904 shares of Circle Internet Group. This marks ARK's first increase in Circle holdings since March 24. ARK typically adjusts its positions to ensure that no single stock exceeds 10% of the fund, thus actively rebalancing when certain asset prices fluctuate significantly. According to the latest disclosures, Circle is currently the sixth-largest holding in the ARKK ETF, accounting for approximately 4.6% of the fund, with a market value of about $306.5 million, trailing only Tesla, Advanced Micro Devices, CRISPR Therapeutics, Tempus AI, and Roku.

ARK Invest Invests $5.5 Million to Increase Stake in Circle Stock, Which Soared 16% After Q1 Earnings Report

On May 12, Grayscale submitted an application to convert its Zcash Trust into a spot ETF, which, if approved, would become the world's first spot ETF for a privacy coin. Meanwhile, the U.S. SEC has previously concluded its long-term review of privacy coins without taking enforcement action, clearing a significant regulatory hurdle.

[Grayscale Submits Application to Convert Zcash Trust into Spot ETF]On May 12, Grayscale submitted an application to convert its Zcash Trust into a spot ETF, which, if approved, would become the world's first spot ETF for a privacy coin. Meanwhile, the U.S. SEC has previously concluded its long-term review of privacy coins without taking enforcement action, clearing a significant regulatory hurdle.

Grayscale Submits Application to Convert Zcash Trust into Spot ETF

On May 12, AI laboratory Dolphin tweeted that the Dolphin Network utilizes a Peer-to-Pool architecture to repurpose idle GPUs, with each model running in a GPU pool and tasks randomly assigned to nodes, without direct buyer-seller binding. Nodes receive POD token rewards from the protocol treasury based solely on the number of inference tokens processed; users can purchase credits directly from the protocol, supporting payments in POD, ETH, BTC, USDC, XMR, and ZEC. All protocol revenue will be used for market buybacks of POD, directly offsetting inflation. For instance, for Qwen 3.6 35B, Dolphin charges users $0.70 per million tokens (lower than OpenRouter's $1), pays nodes $0.50, resulting in a net buyback of $0.20. POD holders can stake into the xPOD treasury to receive automatic reinvestment dividends, daily inference quotas, and ecosystem subscription benefits. Node operators must stake forfeitable POD bonds equivalent to four weeks of income, with penalties for cheating resulting in corresponding deductions. The reward multiplier mechanism can reach up to 2 times.

[Dolphin: All Protocol Revenue to be Used for Market Buyback of POD, Holders Can Stake for xPOD Benefits]On May 12, AI laboratory Dolphin tweeted that the Dolphin Network utilizes a Peer-to-Pool architecture to repurpose idle GPUs, with each model running in a GPU pool and tasks randomly assigned to nodes, without direct buyer-seller binding. Nodes receive POD token rewards from the protocol treasury based solely on the number of inference tokens processed; users can purchase credits directly from the protocol, supporting payments in POD, ETH, BTC, USDC, XMR, and ZEC. All protocol revenue will be used for market buybacks of POD, directly offsetting inflation. For instance, for Qwen 3.6 35B, Dolphin charges users $0.70 per million tokens (lower than OpenRouter's $1), pays nodes $0.50, resulting in a net buyback of $0.20. POD holders can stake into the xPOD treasury to receive automatic reinvestment dividends, daily inference quotas, and ecosystem subscription benefits. Node operators must stake forfeitable POD bonds equivalent to four weeks of income, with penalties for cheating resulting in corresponding deductions. The reward multiplier mechanism can reach up to 2 times.

Dolphin: All Protocol Revenue to be Used for Market Buyback of POD, Holders Can Stake for xPOD Benefits

On May 12, Grayscale submitted an application for a Zcash spot ETF, converting its existing Zcash trust into a spot product, making it the first privacy coin ETF seeking to be listed in the United States. Meanwhile, Multicoin Capital revealed that it has been accumulating ZEC since February, with co-founder Tushar Jain linking the investment logic to the proposed wealth tax legislation in the U.S., believing that the government's expansion of monitoring private financial holdings will drive structural demand for assets that provide mathematical privacy from regulation. However, this application has raised challenges regarding institutional custody: approximately 30% of Zcash's supply is located in shielded address pools, the highest in history, but ETF custody almost necessarily requires the use of transparent address pools to meet auditing and balance proof requirements. Previously, the SEC concluded its long-term review of Zcash in January 2026 without taking enforcement action, significantly reducing regulatory uncertainty.

[Grayscale Submits First Privacy Coin Spot ETF Application; Multicoin Capital Discloses ZEC Accumulation]On May 12, Grayscale submitted an application for a Zcash spot ETF, converting its existing Zcash trust into a spot product, making it the first privacy coin ETF seeking to be listed in the United States. Meanwhile, Multicoin Capital revealed that it has been accumulating ZEC since February, with co-founder Tushar Jain linking the investment logic to the proposed wealth tax legislation in the U.S., believing that the government's expansion of monitoring private financial holdings will drive structural demand for assets that provide mathematical privacy from regulation. However, this application has raised challenges regarding institutional custody: approximately 30% of Zcash's supply is located in shielded address pools, the highest in history, but ETF custody almost necessarily requires the use of transparent address pools to meet auditing and balance proof requirements. Previously, the SEC concluded its long-term review of Zcash in January 2026 without taking enforcement action, significantly reducing regulatory uncertainty.

Grayscale Submits First Privacy Coin Spot ETF Application; Multicoin Capital Discloses ZEC Accumulation

On May 12, news emerged that data from the Financial Supervisory Service of South Korea indicated that as of May 4, 15 virtual asset service providers in South Korea had ceased operations, affecting approximately 1.95 million users and resulting in about $15.1 million in frozen assets. The Korea Digital Asset Protection Foundation has so far assisted only 131 users in retrieving their assets, amounting to approximately $51,000, which represents only 0.3% of the total assets. Members of the National Assembly pointed out that current laws do not mandate that shut down service providers transfer user assets, highlighting the need for improvements in related user protection mechanisms.

[South Korea's Shut Down Crypto Service Providers Still Hold Approximately $15.1 Million in User Assets, Return Rate Only 0.3%]On May 12, news emerged that data from the Financial Supervisory Service of South Korea indicated that as of May 4, 15 virtual asset service providers in South Korea had ceased operations, affecting approximately 1.95 million users and resulting in about $15.1 million in frozen assets. The Korea Digital Asset Protection Foundation has so far assisted only 131 users in retrieving their assets, amounting to approximately $51,000, which represents only 0.3% of the total assets. Members of the National Assembly pointed out that current laws do not mandate that shut down service providers transfer user assets, highlighting the need for improvements in related user protection mechanisms.

South Korea's Shut Down Crypto Service Providers Still Hold Approximately $15.1 Million in User Assets, Return Rate Only 0.3%

On May 12, Nasdaq-listed Tron Inc. (NASDAQ: TRON) announced that it purchased 142,384 TRX today at an average price of $0.3512. Following this acquisition, the company's total TRX holdings have surpassed 695.7 million. According to the on-chain address disclosed, the total value of digital assets in the treasury wallet has exceeded $255 million.

[Tron Inc. Increases TRX Holdings at Average Price of $0.3512, Total Holdings Reach 695.7 Million]On May 12, Nasdaq-listed Tron Inc. (NASDAQ: TRON) announced that it purchased 142,384 TRX today at an average price of $0.3512. Following this acquisition, the company's total TRX holdings have surpassed 695.7 million. According to the on-chain address disclosed, the total value of digital assets in the treasury wallet has exceeded $255 million.

Tron Inc. Increases TRX Holdings at Average Price of $0.3512, Total Holdings Reach 695.7 Million

OpenSea tweeted: "We’re officially live with bulk listing and buying! You can now list and buy up to 30 items in a single flow on OpenSea."

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【OpenSea is live with bulk listing and buying】OpenSea tweeted: "We’re officially live with bulk listing and buying! You can now list and buy up to 30 items in a single flow on OpenSea."

OpenSea is live with bulk listing and buying

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OpenSea is live with bulk listing and buying

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