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Musk’s Lawsuit Against OpenAI: Documents Reveal 2018 ICO

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Elon Musk named Microsoft and other defendants in his ongoing lawsuit against OpenAI. In court documents, Musk claimed that OpenAI sought to launch a cryptocurrency in 2018, which he rejected.

OpenAI representatives posted years-old correspondence with Musk, citing his full knowledge of their struggle to fund massively capital-intensive research.

Elon Musk vs OpenAI

In the latest court filing, Elon Musk named several new defendants in his ongoing suit against the prominent artificial intelligence firm OpenAI. Musk names former OpenAI associates and investors in this amended complaint, including Microsoft. He accused the company of abandoning its nonprofit focus, which was a major reason behind Musk’s initial investment.

Musk OpenAi lawsuit
Plaintiffs and Allegations in Musk’s Lawsuit. Source: CourtListener

Since OpenAI abandoned its nonprofit status, the firm has publicly sought to reach a valuation of $150 billion. This would be a staggering net worth for any company, even one that aims to reform the whole tech industry.

Also, according to court documents provided by Musk’s legal team, OpenAI first tried to launch an ICO in 2018:

“In January 2018, mere months after their September 2017 ‘enthusiasm,’ Altman proposed a scamworthy ‘ICO,’ or initial coin offering, that would have seen OpenAI, Inc. sell its own cryptocurrency. Musk shot down this idea too, stating ‘it would simply result in a massive loss of credibility for OpenAI and everyone associated with the ICO,’” Musk’s team claimed.

In other words, Musk’s lawyers are claiming that OpenAI founder Sam Altman has always prioritized making money over the public good. Musk claims he only joined the project to run it as a nonprofit and then left over this philosophical difference. The company has generated huge revenues since going public, receiving $6.6 billion in funding this October.

However, the firm strongly disputed these allegations. This March, the firm published prior correspondence between Musk and company executives, stretching back nearly nine years.

In these talks, OpenAI members stressed the capital-intensive nature of AI development and stated that a profit-seeking pivot would be “inevitable.” In other words, Musk had known of this for years.

“We’re sad that it’s come to this with someone whom we’ve deeply admired—someone who inspired us to aim higher, then told us we would fail, started a competitor, and then sued us when we started making meaningful progress towards OpenAI’s mission without him,” the company’s statement read.

As of yet, the lawsuit’s prospects of success seem very unclear. Musk previously dropped this lawsuit in July, before opening it again and naming new plaintiffs. This attack may be an attempt to cause a headache for OpenAI, rather than win a large settlement or substantially change the company’s business trajectory.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Vitalik Buterin Proposes to Replace EVM with RISC-V

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Ethereum (ETH) co-founder Vitalik Buterin has proposed overhauling the blockchain’s smart contract infrastructure by replacing the Ethereum Virtual Machine (EVM) with RISC-V, a widely adopted open-source instruction set architecture.

This shift aims to address one of Ethereum’s key scaling bottlenecks by dramatically improving the efficiency and simplicity of smart contract execution.

Buterin Proposes Ditching EVM for RISC-V

The proposal was detailed in a post on the Ethereum Magicians forum. In it, Buterin suggested that smart contracts could eventually be compiled to RISC-V rather than EVM bytecode. 

According to Buterin, this shift addresses long-term scalability challenges. This particularly includes keeping block production competitive and improving zero-knowledge (ZK) EVM-proof efficiency. 

“It aims to greatly improve the efficiency of the Ethereum execution layer, resolving one of the primary scaling bottlenecks, and can also greatly improve the execution layer’s simplicity – in fact, it is perhaps the only way to do so,” he wrote.

Current ZK-EVM implementations spend around half of their proving cycles on EVM execution. By switching to a native RISC-V VM, Ethereum could potentially achieve up to 100x efficiency gains.

Importantly, many fundamental aspects of Ethereum’s architecture would remain unchanged, preserving continuity for developers and users. Core abstractions such as accounts, smart contract storage, ETH balances, and cross-contract calls would function exactly as they do today. 

Developers would still write contracts in familiar languages like Solidity or Vyper. These would simply be compiled to RISC-V rather than EVM bytecode. Tooling and workflows would remain largely intact, ensuring a smooth transition. 

Crucially, the proposal ensures backward compatibility. Existing EVM contracts will remain fully operational and interoperable with new RISC-V contracts.

Buterin outlines several potential implementation paths forward. The first would support both EVM and RISC-V smart contracts natively. The second suggests wrapping EVM contracts to run via an interpreter written in RISC-V. Thus, it would enable a full transition without breaking compatibility.  

The third, more modular approach, builds on the second by formally enshrining interpreters as part of the Ethereum protocol. This would allow the EVM and the future virtual machines to be supported in a standardized way. 

Buterin stated that the idea is “equally as ambitious as the beam chain effort.” 

“The beam chain effort holds great promise for greatly simplifying the consensus layer of Ethereum. But for the execution layer to see similar gains, this kind of radical change may be the only viable path,” Buterin added.

For context, the Ethereum Beam Chain is a redesign of Ethereum’s consensus layer (Beacon Chain). It focuses on faster block times, faster finality, chain snarkification, and quantum resistance. The development will likely begin in 2026.

This proposal fits into Ethereum’s broader vision of modularity, simplicity, and long-term scalability. Previously, BeInCrypto reported on Buterin’s privacy-centric plans for the blockchain. 

The proposal focused on integrating privacy-preserving technologies. Moreover, the Pectra upgrade is also nearing, with the launch expected on May 7.

Meanwhile, ETH continues to face market headwinds, trading at March 2023 lows. This year has been quite hard for the altcoin, as it saw a decline of 50.8%. In fact, Ethereum dominance hit a 5-year low last week.

Ethereum Price Performance
Ethereum Price Performance. Source: BeInCrypto

Nonetheless, BeInCrypto data showed a slight recovery over the last 14 days. ETH rose by 6.1%. Over the past day alone, it saw modest gains of 1.7%. At the time of writing, ETH was trading at $1,639.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Solana Rallies Past Bitcoin—Momentum Tilts In Favor of SOL

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Solana started a fresh increase from the $120 support zone. SOL price is now consolidating and might climb further above the $142 resistance zone.

  • SOL price started a fresh increase above the $125 and $132 levels against the US Dollar.
  • The price is now trading above $130 and the 100-hourly simple moving average.
  • There is a connecting bullish trend line forming with support at $137 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could start a fresh increase if it clears the $142 resistance zone.

Solana Price Gains Over 5%

Solana price formed a base above the $120 support and started a fresh increase, like Bitcoin and Ethereum. SOL gained pace for a move above the $125 and $132 resistance levels.

The pair even spiked toward the $145 resistance zone. A high was formed at $143.06 and the price is now retreating lower. There was a move below the 23.6% Fib retracement level of the upward move from the $135 swing low to the $143 high.

Solana is now trading above $130 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $137 on the hourly chart of the SOL/USD pair. The trend line is close to the 76.4% Fib retracement level of the upward move from the $135 swing low to the $143 high.

Solana Price

On the upside, the price is facing resistance near the $142 level. The next major resistance is near the $145 level. The main resistance could be $150. A successful close above the $150 resistance zone could set the pace for another steady increase. The next key resistance is $155. Any more gains might send the price toward the $165 level.

Pullback in SOL?

If SOL fails to rise above the $142 resistance, it could start another decline. Initial support on the downside is near the $138.50 zone. The first major support is near the $137 level and the trend line.

A break below the $137 level might send the price toward the $132 zone. If there is a close below the $132 support, the price could decline toward the $125 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $137 and $132.

Major Resistance Levels – $142 and $145.



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Bitcoin Price Breakout In Progress—Momentum Builds Above Resistance

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Bitcoin price is slowly moving higher above the $86,500 zone. BTC is gaining pace and might continue higher in the near term.

  • Bitcoin found support at $84,200 and started a recovery wave.
  • The price is trading above $85,500 and the 100 hourly Simple moving average.
  • There was a break above a connecting bearish trend line with resistance at $85,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another increase if it clears the $88,000 zone.

Bitcoin Price Eyes Steady Increase

Bitcoin price remained stable above the $83,200 level and started a fresh increase. BTC was able to climb above the $84,200 and $85,000 resistance levels.

There was a break above a connecting bearish trend line with resistance at $85,000 on the hourly chart of the BTC/USD pair. The bulls were able to pump the price above the $86,500 resistance. It even spiked above $87,000. A high is formed near $87,562 and the price might continue to rise unless there is a move below the 23.6% Fib retracement level of the upward move from the $84,007 swing low to the $87,562 high.

Bitcoin price is now trading above $86,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $87,500 level. The first key resistance is near the $88,000 level.

Bitcoin Price
Source: BTCUSD on TradingView.com

The next key resistance could be $88,800. A close above the $88,800 resistance might send the price further higher. In the stated case, the price could rise and test the $89,500 resistance level. Any more gains might send the price toward the $90,000 level.

Downside Correction In BTC?

If Bitcoin fails to rise above the $88,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $87,000 level. The first major support is near the $86,750 level.

The next support is now near the $86,000 zone. Any more losses might send the price toward the $85,750 support or the 50% Fib retracement level of the upward move from the $84,007 swing low to the $87,562 high in the near term. The main support sits at $84,850.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $86,750, followed by $86,000.

Major Resistance Levels – $87,500 and $88,000.



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