On December 7th, Moore Thread rose nearly 470% on the first day of listing on the Science and Technology Innovation Board on December 5th, and the market value exceeded 300 billion yuan. However, at the same time, co-founder Li Feng's past controversy in the crypto industry once again attracted attention.
The report pointed out that Li Feng and Li Xiaolai participated in the issuance of a token project called "Malago Coin (MGD) " in 2017. The project raised about 5,000 ETH during the ICO boom. In the white paper, many team backgrounds were accused of being exaggerated, and some of the funds were not transparent. The project was renamed "Alpaca Coin" after regulatory pressure. In addition, in 2018, OKX founder Star publicly accused Li Feng of borrowing 1,500 bitcoins and not returning them on time, and said that legal proceedings had been initiated in China and the United States. The loan agreement shown by Star at the time showed that the two parties first signed the agreement in 2014, and then renewed it in 2017 due to extension needs, but eventually defaulted. Due to cross-border enforcement and legal recognition of virtual assets, the dispute has not yet reached a clear conclusion.
Moore Thread co-founder Li Feng was exposed to have been involved in an ICO project and a dispute over 1,500 bitcoins in arrears
2025-12-07 05:59:15
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