Moor Thread Co-founder Li Feng Exposed for Previously Issuing Coins, Owes 1500 BTC

According to reports from Foresight News, domestic GPU leader Moor Thread skyrocketed nearly 470% on its first day of listing on the Sci-Tech Innovation Board on December 5, with a market value exceeding 300 billion, causing a market frenzy. However, behind the madness, controversies in the coin circle involving co-founder Li Feng have resurfaced. Li Feng was previously involved in the absurd project Malergo Coin (MGD) in 2017, along with Li Xiaolai, with an exaggerated white paper and a heavily fictionalized team background. Despite this, the project successfully raised a total of 5000 ETH during the ICO craze. The project promised to allocate 25% for research and development, with the rest of the funds' usage remaining unclear. The project was later renamed to Camel Coin after being called in for regulatory talks due to its sensitive name. In more serious allegations, in 2018, OKX founder Star accused Li Feng of borrowing 1500 BTC and failing to return it, disappearing in the process. At the time, the value was approximately $10 million, but has now risen to around $135 million at current prices. Star claimed to have filed lawsuits in both China and the US, but due to issues with defining and enforcing virtual assets, the debt collection efforts ultimately failed. 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 the borrower, the loan period was extended on March 30, 2017. Li Feng's repeated default became the key reason for Star to publicly expose the failure to return the borrowed coins.

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