- Buy Crypto
- Markets
Futures- Spot
- Copy Trade
- Earn
- More
Moores Thread co-founder Li Feng was exposed to have been involved in coin issuance and failing to return 1500 BTC
BlockBeats News, December 7th, according to Foresight News, on December 5th, the "First Domestic GPU Stock" MoreThread skyrocketed nearly 470% on its first day of listing on the Sci-Tech Innovation Board, with a market value exceeding 3 trillion, igniting the market. Making a net profit of 267,000 yuan from the IPO, Tencent, ByteDance, and other investors earned over 35 times their investment, with some institutions seeing returns as high as 6200 times. However, behind the frenzy, controversies from the co-founder Li Feng in the crypto circle have resurfaced.
The Reappearance of Li Feng's Crypto Circle Past: In 2017, he and Li Xiaolai launched the absurd project "Malgo Coin (MGD)," with an exaggerated whitepaper and a heavily fictionalized team background. Yet, they still managed to raise funds during the ICO craze, raising a total of 5000 ETH. The project promised to allocate 25% for R&D, while the rest of the funds' usage remained unclear. The project was later renamed "Camel Coin" due to regulatory sensitivity.
More Serious Allegations: In 2018, OKEx founder Star accused Li Feng of borrowing 1500 BTC and not returning it before going "missing." At that time, the BTC was worth about $10 million, and at the current price, it has risen to approximately $135 million. Star claimed to have initiated legal actions in both China and the U.S., but due to issues with defining and executing virtual assets, the debt collection efforts were ultimately fruitless.
The agreement shared by Star showed that, under the guarantee of Hu Zhibin, the two parties renewed the loan agreement. The initial agreement was signed on December 17, 2014, and was set to expire on December 16, 2016, but "due to personal reasons of Party B needing to extend the loan period," the agreement was renewed on March 30, 2017. Li Feng once again defaulted, which led Star to make public his key decision to not return the borrowed coins.
You may also like
Business Opportunities of Tokenized Stocks
In-depth research report on the Resolv protocol hacking incident, who is the final payer?
Crypto Market Sees Large Liquidations: $272 Million in Long Positions Affected
Key Takeaways In the last 24 hours, $272 million worth of contracts were liquidated across the entire crypto…
Whale Increases BTC Shorts and Bets on Crude Oil: A Strategic Crypto Move
Key Takeaways A prominent whale, known as “UnRektCapital,” has strategically escalated its short position in Bitcoin while simultaneously…
Hackers in Brazil Use Fake Google Play Store to Steal Cryptocurrency
Key Takeaways Hackers in Brazil are exploiting fake Google Play Store pages to spread Android malware. Infected devices…
Exchanging 200,000 for nearly 100 million, DeFi stablecoins face another attack
The underlying business agreement of the trillion-dollar Agent economy: Understanding ERC-8183, it's not just about payments, but the future
When Wall Street's ETH begins to "yield": Looking at the asset properties of Ethereum from BlackRock's ETHB
The Power of Agency: The Agentic Wallet and the Next Decade of Wallets
Understanding x402 and MPP in One Article: Two Routes for Agent Payments
Particle Founder: The entrepreneurial insights I have gained the most from in the past year
Huang Renxun's latest podcast transcript: The future of Nvidia, the development of embodied intelligence and agents, the explosion of inference demand, and the public relations crisis of artificial intelligence
OKX Ventures Research Report: AI Agent Economic Infrastructure Research Report (Part 1)
The migration of settlement rights: B18 and the institutional starting point of on-chain banks
From Tencent and Circle: Looking at the Simple and Difficult Questions of Investment
The second half of stablecoins no longer belongs to the crypto circle
Cursor "Shell" Kimi Controversy Reversed: From Copyright Infringement Allegations to Authorized Collaboration, China's Open Source Model Once Again Becomes a Global AI Foundation
The Real Reason Tokens Don't Sell: 90% of Crypto Projects Overlook Investor Relations
Business Opportunities of Tokenized Stocks
In-depth research report on the Resolv protocol hacking incident, who is the final payer?
Crypto Market Sees Large Liquidations: $272 Million in Long Positions Affected
Key Takeaways In the last 24 hours, $272 million worth of contracts were liquidated across the entire crypto…
Whale Increases BTC Shorts and Bets on Crude Oil: A Strategic Crypto Move
Key Takeaways A prominent whale, known as “UnRektCapital,” has strategically escalated its short position in Bitcoin while simultaneously…
Hackers in Brazil Use Fake Google Play Store to Steal Cryptocurrency
Key Takeaways Hackers in Brazil are exploiting fake Google Play Store pages to spread Android malware. Infected devices…
App