Moore Threads co-founder Li Feng was reported to have been involved in token issuance and owed 1500 BTC that has not been repaid

On December 7, according to Foresight News, “China’s first GPU stock” Moore Threads surged nearly 470% on its first day of listing on the STAR Market on December 5, with its market value exceeding 300 billion, sparking a market frenzy. Each winning lottery in the IPO earned a net profit of 267,000 yuan, while investors like Tencent and ByteDance saw returns of over 35 times, with some institutions earning up to 6,200 times their investment. However, behind the frenzy, controversies surrounding its co-founder Li Feng’s involvement in the crypto world have resurfaced.

Li Feng’s past in crypto has come to light again: In 2017, together with Li Xiaolai and others, he launched the bizarre project “Malegecoin (MGD).” Its white paper was exaggerated, and much of the team’s background was fabricated, yet it still completed fundraising during the ICO boom, raising as much as 5,000 ETH. The project team promised to allocate 25% to R&D, but the use of the remaining funds was unclear. Later, due to regulatory concerns over the project’s name, it was renamed “Alpaca Coin.”

Even more serious accusations: In 2018, CEX founder Star accused Li Feng of borrowing 1,500 BTC and then failing to return it and “disappearing.” At the time, this was worth about $10 million, and at current prices, it has risen to about $135 million. Star claimed to have sued in both China and the US, but due to issues with the definition and enforcement of virtual assets, the debt recovery was ultimately unsuccessful. The agreements posted by Star show that, under the guarantee of Hu Zhibin, the two parties renewed the loan agreement. The first agreement was signed on December 17, 2014, and due on December 16, 2016, but “due to personal reasons of Party B, the loan period needed to be extended,” so a new agreement was signed on March 30, 2017. Li Feng defaulted again, which was a key reason Star decided to make the loan default public.