Moores Thread co-founder Li Feng was exposed to have been involved in coin issuance and failing to return 1500 BTC

By: theblockbeats.news|2025/12/07 13:45:56

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.

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