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On May 12, Kim Yong-bum, head of the policy office at the South Korean presidential office, proposed the establishment of a so-called 'citizen dividend,' funded by the excess profits generated by the artificial intelligence (AI) industry. 'The benefits of the AI infrastructure era are not created solely by individual companies, but stem from the industrial foundation built by the entire nation over the past half-century. Therefore, a portion of these benefits should be returned to all citizens through institutional arrangements,' Kim stated in a Facebook post. He pointed out that as AI infrastructure continues to develop, South Korea is expected to break away from the previously cyclical export-led growth model and move towards a new economic structure characterized by technology leadership and sustainable excess profits. However, he also emphasized that the excess profits of the AI era have a distinct concentration characteristic: shareholders of memory chip companies, core engineers, and various asset holders are likely to reap substantial rewards, while the broader middle class may only experience indirect effects. Note: Shares of South Korea's memory chip giants Samsung Electronics and SK Hynix initially rose but then reversed, falling over 5%. The Korea Composite Stock Price Index briefly dropped more than 5%. (Dong-A Ilbo)

[South Korea Proposes 'Citizen Dividend' Funded by AI Industry Excess Profits]On May 12, Kim Yong-bum, head of the policy office at the South Korean presidential office, proposed the establishment of a so-called 'citizen dividend,' funded by the excess profits generated by the artificial intelligence (AI) industry. 'The benefits of the AI infrastructure era are not created solely by individual companies, but stem from the industrial foundation built by the entire nation over the past half-century. Therefore, a portion of these benefits should be returned to all citizens through institutional arrangements,' Kim stated in a Facebook post. He pointed out that as AI infrastructure continues to develop, South Korea is expected to break away from the previously cyclical export-led growth model and move towards a new economic structure characterized by technology leadership and sustainable excess profits. However, he also emphasized that the excess profits of the AI era have a distinct concentration characteristic: shareholders of memory chip companies, core engineers, and various asset holders are likely to reap substantial rewards, while the broader middle class may only experience indirect effects. Note: Shares of South Korea's memory chip giants Samsung Electronics and SK Hynix initially rose but then reversed, falling over 5%. The Korea Composite Stock Price Index briefly dropped more than 5%. (Dong-A Ilbo)

South Korea Proposes 'Citizen Dividend' Funded by AI Industry Excess Profits

On May 12, according to CCTV, the Japanese Ministry of Internal Affairs and Communications announced that the Engel coefficient, which reflects the proportion of food expenditure in household consumption, reached 28.8% in the fiscal year 2025, marking the highest level since 1980. (Dongxin News Agency)

[Japan's Engel Coefficient Reaches Highest Level Since 1980]On May 12, according to CCTV, the Japanese Ministry of Internal Affairs and Communications announced that the Engel coefficient, which reflects the proportion of food expenditure in household consumption, reached 28.8% in the fiscal year 2025, marking the highest level since 1980. (Dongxin News Agency)

Japan's Engel Coefficient Reaches Highest Level Since 1980

According to monitoring by Beating, Ilya Sutskever, co-founder and former chief scientist of OpenAI, testified in court on Monday in the case of Musk vs. OpenAI, revealing for the first time the details behind his push to remove Altman. He stated that he spent about a year gathering evidence to prove that Altman had a 'pattern of ongoing lies,' including inciting internal conflicts among executives. He also wrote a memorandum at the request of the board, which was previously disclosed to be 52 pages long. He mentioned that he had 'long discussions' with then-CTO Mira Murati about the possibility of removing Altman, ultimately describing the dismissal action in November 2023 as a 'last-ditch effort.' However, Sutskever also defended OpenAI in court, stating that the organization had never promised to operate as a non-profit forever and that the transition to a for-profit company was a consensus within the team. When asked about the impact of computing power on AI development, he likened it to the 'difference between ants and cats,' emphasizing that without money, there is no significant computing power. He had previously turned down a $6 million annual salary offer from Google to join OpenAI. Sutskever also disclosed that his current stake in OpenAI is valued at approximately $7 billion (around $5 billion in November 2025), making him one of the largest known individual shareholders. He confirmed for the first time that during Altman's brief removal, the remaining board members had discussed a merger proposal with competitor Anthropic, which would have seen Anthropic take over the leadership of OpenAI, although he was 'not excited' about the merger. Sutskever left OpenAI in 2024 to found a new company, Safe Superintelligence. The case is nearing its conclusion, with the judge announcing that closing arguments will take place on Thursday, and Altman is expected to testify on Tuesday.

[Former OpenAI Chief Scientist Ilya Testifies: Long Discussions with Murati on Removing Altman, Spent a Year Collecting Evidence of 'Ongoing Lies']According to monitoring by Beating, Ilya Sutskever, co-founder and former chief scientist of OpenAI, testified in court on Monday in the case of Musk vs. OpenAI, revealing for the first time the details behind his push to remove Altman. He stated that he spent about a year gathering evidence to prove that Altman had a 'pattern of ongoing lies,' including inciting internal conflicts among executives. He also wrote a memorandum at the request of the board, which was previously disclosed to be 52 pages long. He mentioned that he had 'long discussions' with then-CTO Mira Murati about the possibility of removing Altman, ultimately describing the dismissal action in November 2023 as a 'last-ditch effort.' However, Sutskever also defended OpenAI in court, stating that the organization had never promised to operate as a non-profit forever and that the transition to a for-profit company was a consensus within the team. When asked about the impact of computing power on AI development, he likened it to the 'difference between ants and cats,' emphasizing that without money, there is no significant computing power. He had previously turned down a $6 million annual salary offer from Google to join OpenAI. Sutskever also disclosed that his current stake in OpenAI is valued at approximately $7 billion (around $5 billion in November 2025), making him one of the largest known individual shareholders. He confirmed for the first time that during Altman's brief removal, the remaining board members had discussed a merger proposal with competitor Anthropic, which would have seen Anthropic take over the leadership of OpenAI, although he was 'not excited' about the merger. Sutskever left OpenAI in 2024 to found a new company, Safe Superintelligence. The case is nearing its conclusion, with the judge announcing that closing arguments will take place on Thursday, and Altman is expected to testify on Tuesday.

Former OpenAI Chief Scientist Ilya Testifies: Long Discussions with Murati on Removing Altman, Spent a Year Collecting Evidence of 'Ongoing Lies'

On May 12, Telegram founder Pavel Durov announced on the X platform that TON has launched the unified smart contract toolchain Acton. The new toolchain increases TON's development efficiency by tenfold, making the creation, testing, and deployment of smart contracts more convenient, and is fully prepared for AI integration. This toolchain replaces TON's previously fragmented tool stack, unifying it into a single development process. Acton is described as an integrated command-line tool built around the Tolk language, covering the entire process of project creation, testing, debugging, dApp integration, deployment, and verification.

[Telegram Founder: TON Launches Unified Smart Contract Toolchain Acton]On May 12, Telegram founder Pavel Durov announced on the X platform that TON has launched the unified smart contract toolchain Acton. The new toolchain increases TON's development efficiency by tenfold, making the creation, testing, and deployment of smart contracts more convenient, and is fully prepared for AI integration. This toolchain replaces TON's previously fragmented tool stack, unifying it into a single development process. Acton is described as an integrated command-line tool built around the Tolk language, covering the entire process of project creation, testing, debugging, dApp integration, deployment, and verification.

Telegram Founder: TON Launches Unified Smart Contract Toolchain Acton

On May 12, Fluid reported an exposure of approximately $100 million related to Resolv, resulting in about $21 million in bad debt. The attacker exploited discounted wstUSR to borrow stablecoins on Fluid as collateral and then abandoned the positions, leaving behind the bad debt. Fluid's smart contracts were not breached, and other markets operated normally, with an automatic cap mechanism effectively limiting losses. The Fluid team paused the affected markets within hours and ensured that no user funds were at risk. The team collaborated with Resolv to settle the pre-incident positions, repaying approximately $70 million in debt within two days after the incident. 
According to the resolution reached by both parties, Resolv will cover 50% of the losses incurred by DEX liquidity providers before the incident. Of the remaining approximately $19.3 million in bad debt, Resolv will bear about $9.7 million, the Fluid governance treasury will cover $8.2 million, and the team will take on $1.5 million. All remaining USR tokens have been destroyed at the contract level. Fluid has suspended its buyback program, significantly reduced or canceled FLUID emissions, and the foundation will not receive the monthly allocation of $250,000 for March to June. Fluid stated that its smart contracts have never been compromised, and it has upgraded its oracle and pricing systems, and will introduce legal agreements for asset issuance methods to establish enforceable rights claims.

[Fluid Releases Review of Resolv Incident: Approximately $19.3 Million in Bad Debt Shared, All User Funds Secure]On May 12, Fluid reported an exposure of approximately $100 million related to Resolv, resulting in about $21 million in bad debt. The attacker exploited discounted wstUSR to borrow stablecoins on Fluid as collateral and then abandoned the positions, leaving behind the bad debt. Fluid's smart contracts were not breached, and other markets operated normally, with an automatic cap mechanism effectively limiting losses. The Fluid team paused the affected markets within hours and ensured that no user funds were at risk. The team collaborated with Resolv to settle the pre-incident positions, repaying approximately $70 million in debt within two days after the incident. 
According to the resolution reached by both parties, Resolv will cover 50% of the losses incurred by DEX liquidity providers before the incident. Of the remaining approximately $19.3 million in bad debt, Resolv will bear about $9.7 million, the Fluid governance treasury will cover $8.2 million, and the team will take on $1.5 million. All remaining USR tokens have been destroyed at the contract level. Fluid has suspended its buyback program, significantly reduced or canceled FLUID emissions, and the foundation will not receive the monthly allocation of $250,000 for March to June. Fluid stated that its smart contracts have never been compromised, and it has upgraded its oracle and pricing systems, and will introduce legal agreements for asset issuance methods to establish enforceable rights claims.

Fluid Releases Review of Resolv Incident: Approximately $19.3 Million in Bad Debt Shared, All User Funds Secure

According to monitoring by Dongcha Beating, Microsoft CEO Satya Nadella completed several hours of testimony on Monday in the court case of Musk vs. OpenAI, answering questions from both sides' lawyers regarding the partnership between Microsoft and OpenAI. The financial aspect is the most direct. Microsoft corporate development executive Michael Wetter revealed in a video testimony played the same day that by March 2025, Microsoft is expected to generate a total of $9.5 billion in revenue through its partnership with OpenAI, which includes an agreement where OpenAI shares 20% of its revenue with Microsoft. Nadella stated he is 'very proud' to have taken the risk of investing in OpenAI when no one else dared, denying that Microsoft's investment was a donation. Internal emails from 2022 revealed deeper anxieties from Nadella. In one email, he wrote to the executive team, 'We are going to lose $4 billion next year!!!' and requested to renegotiate to obtain OpenAI's AI know-how. In another email, he expressed more bluntly, 'I don’t want to be IBM and let OpenAI become Microsoft.' Musk's lawyer pressed for the meaning of this statement, to which Nadella acknowledged that IBM had signed a non-exclusive agreement that allowed Microsoft to rise, ultimately surpassing IBM. Regarding the 2023 incident when Altman was fired, Nadella mocked the board's actions as 'amateur city,' stating he never understood the specifics of the alleged 'lack of candor' from Altman. He denied forcing the board to reinstate Altman, but testimony showed he discussed 14 potential board candidates with his deputy behind the scenes and vetoed at least two, including former Google Cloud head Diane Greene, citing competitive conflicts with Google. Musk's lawyer also questioned Nadella about his statement to the media during Altman's firing: 'If OpenAI disappears tomorrow, we have all the IP and all the capabilities; we have them surrounded.' This statement was widely circulated in Silicon Valley and seen as Microsoft's trump card against OpenAI. Nadella defended that it was merely to reassure customers that Microsoft's services would not be interrupted due to internal turmoil at OpenAI. Nadella confirmed that Musk had never complained to him in person about Microsoft's investment in OpenAI, saying, 'We have each other's phone numbers.' Not only did Musk not complain, but in 2017, he proactively emailed Nadella to thank him for providing computational support to OpenAI, writing, 'Thank you very much, it will let everyone know about Microsoft's help.'

[Nadella Testifies: Microsoft Earned $9.5 Billion from OpenAI, Internal Emails Express Concern Over IBM Comparison]According to monitoring by Dongcha Beating, Microsoft CEO Satya Nadella completed several hours of testimony on Monday in the court case of Musk vs. OpenAI, answering questions from both sides' lawyers regarding the partnership between Microsoft and OpenAI. The financial aspect is the most direct. Microsoft corporate development executive Michael Wetter revealed in a video testimony played the same day that by March 2025, Microsoft is expected to generate a total of $9.5 billion in revenue through its partnership with OpenAI, which includes an agreement where OpenAI shares 20% of its revenue with Microsoft. Nadella stated he is 'very proud' to have taken the risk of investing in OpenAI when no one else dared, denying that Microsoft's investment was a donation. Internal emails from 2022 revealed deeper anxieties from Nadella. In one email, he wrote to the executive team, 'We are going to lose $4 billion next year!!!' and requested to renegotiate to obtain OpenAI's AI know-how. In another email, he expressed more bluntly, 'I don’t want to be IBM and let OpenAI become Microsoft.' Musk's lawyer pressed for the meaning of this statement, to which Nadella acknowledged that IBM had signed a non-exclusive agreement that allowed Microsoft to rise, ultimately surpassing IBM. Regarding the 2023 incident when Altman was fired, Nadella mocked the board's actions as 'amateur city,' stating he never understood the specifics of the alleged 'lack of candor' from Altman. He denied forcing the board to reinstate Altman, but testimony showed he discussed 14 potential board candidates with his deputy behind the scenes and vetoed at least two, including former Google Cloud head Diane Greene, citing competitive conflicts with Google. Musk's lawyer also questioned Nadella about his statement to the media during Altman's firing: 'If OpenAI disappears tomorrow, we have all the IP and all the capabilities; we have them surrounded.' This statement was widely circulated in Silicon Valley and seen as Microsoft's trump card against OpenAI. Nadella defended that it was merely to reassure customers that Microsoft's services would not be interrupted due to internal turmoil at OpenAI. Nadella confirmed that Musk had never complained to him in person about Microsoft's investment in OpenAI, saying, 'We have each other's phone numbers.' Not only did Musk not complain, but in 2017, he proactively emailed Nadella to thank him for providing computational support to OpenAI, writing, 'Thank you very much, it will let everyone know about Microsoft's help.'

Nadella Testifies: Microsoft Earned $9.5 Billion from OpenAI, Internal Emails Express Concern Over IBM Comparison

On May 12, U.S. and European stock index futures fell, with S&P 500 futures down 0.2% and Nasdaq futures down 0.4%. The Euro Stoxx 50 futures dropped 0.7%, German DAX futures fell 0.8%, and the UK FTSE 100 futures decreased by 0.9%. (Jin Ten)

[U.S. and European Stock Index Futures Decline, S&P 500 Futures Down 0.2%]On May 12, U.S. and European stock index futures fell, with S&P 500 futures down 0.2% and Nasdaq futures down 0.4%. The Euro Stoxx 50 futures dropped 0.7%, German DAX futures fell 0.8%, and the UK FTSE 100 futures decreased by 0.9%. (Jin Ten)

U.S. and European Stock Index Futures Decline, S&P 500 Futures Down 0.2%

On May 12, Japanese Finance Minister Shunichi Suzuki stated that following her meeting with U.S. Treasury Secretary Janet Yellen in Tokyo, her team is engaging in smooth cooperation with the U.S. side in the area of foreign exchange policy. Suzuki mentioned that she would not comment on Yellen's specific remarks. This marks Yellen's third visit to Japan since taking office. The market is closely monitoring this meeting, especially since it comes less than two weeks after Tokyo authorities undertook a suspected large-scale intervention to boost the yen's exchange rate. Yellen had previously hinted at a critical stance towards direct market intervention, favoring support for the yen through tighter monetary policy by the Bank of Japan instead. Japanese authorities may have first intervened in the market on April 30, when the Bank of Japan decided to maintain its policy unchanged, combined with hawkish signals from the Federal Reserve, which pushed the yen to surpass the 160 mark against the dollar. Data analysis indicates that Japanese authorities may have utilized approximately $24.7 billion in this operation, followed by an additional $30 billion in a subsequent round of intervention. Suzuki also discussed topics such as artificial intelligence and critical minerals with Yellen.

[Japanese Finance Minister Coordinates Forex Policy with Yellen]On May 12, Japanese Finance Minister Shunichi Suzuki stated that following her meeting with U.S. Treasury Secretary Janet Yellen in Tokyo, her team is engaging in smooth cooperation with the U.S. side in the area of foreign exchange policy. Suzuki mentioned that she would not comment on Yellen's specific remarks. This marks Yellen's third visit to Japan since taking office. The market is closely monitoring this meeting, especially since it comes less than two weeks after Tokyo authorities undertook a suspected large-scale intervention to boost the yen's exchange rate. Yellen had previously hinted at a critical stance towards direct market intervention, favoring support for the yen through tighter monetary policy by the Bank of Japan instead. Japanese authorities may have first intervened in the market on April 30, when the Bank of Japan decided to maintain its policy unchanged, combined with hawkish signals from the Federal Reserve, which pushed the yen to surpass the 160 mark against the dollar. Data analysis indicates that Japanese authorities may have utilized approximately $24.7 billion in this operation, followed by an additional $30 billion in a subsequent round of intervention. Suzuki also discussed topics such as artificial intelligence and critical minerals with Yellen.

Japanese Finance Minister Coordinates Forex Policy with Yellen

On May 12, Tom Lee, co-founder of Fundstrat and chairman of BitMine, stated on platform X that Ethereum's supply has been in a 'deflationary' state over the past year, and the purchases and staking by crypto treasury companies have further amplified this trend.

[Tom Lee: Ethereum Supply Has Been Deflationary Over the Past Year, Strengthened by Crypto Treasury Purchases and Staking]On May 12, Tom Lee, co-founder of Fundstrat and chairman of BitMine, stated on platform X that Ethereum's supply has been in a 'deflationary' state over the past year, and the purchases and staking by crypto treasury companies have further amplified this trend.

Tom Lee: Ethereum Supply Has Been Deflationary Over the Past Year, Strengthened by Crypto Treasury Purchases and Staking

According to Huobi Global data, the current TVL of DeFi protocols is $176.88 B. The top five locked assets are Eth2($24.48 B), Curve($17.18 B), Convex($15 B), Aave V2($10.44 B) and LIDO($10.4 B).

[The TVL of DeFi protocols is $176.88 B, and Eth2 ranks first]According to Huobi Global data, the current TVL of DeFi protocols is $176.88 B. The top five locked assets are Eth2($24.48 B), Curve($17.18 B), Convex($15 B), Aave V2($10.44 B) and LIDO($10.4 B).

The TVL of DeFi protocols is $176.88 B, and Eth2 ranks first

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The TVL of DeFi protocols is $176.88 B, and Eth2 ranks first

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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