Moore Threads co-founder Li Feng was reported to have been involved in an ICO project and to owe 1,500 bitcoins.
On December 7, news emerged that Moore Threads surged nearly 470% on its first day of trading on the sci-tech innovation board on December 5, with a market value exceeding 300 billion yuan. However, at the same time, co-founder Li Feng's past controversies in the crypto industry have drawn renewed attention.
Reports indicate that Li Feng participated in the issuance of a token project named 'Malle Go Coin (MGD)' in 2017 along with Li Xiaolai and others. This project raised approximately 5,000 ETH during the ICO boom, with multiple team background claims in the white paper being criticized as exaggerated and certain funding uses being opaque. The project was renamed 'Alpaca Coin' under regulatory pressure. Additionally, in 2018, OKX founder Star publicly accused Li Feng of borrowing 1,500 bitcoins and failing to repay them on time, claiming that legal proceedings had been initiated in China and the U.S. The borrowing agreement presented by Star at the time showed that the two parties first signed the agreement in 2014, and it was renewed in 2017 due to the need for an extension, but ultimately, a default situation still occurred. Due to issues with cross-border enforcement and the legal recognition of virtual assets, this dispute has yet to have a clear outcome.
