#A股 A股荒诞剧：摩尔线程财富狂潮背后，联创李丰的加密史。December 5, known as China's Nvidia, 摩尔线程, as the first domestic GPU stock, landed on the Sci-Tech Innovation Board with an opening price of 650 yuan/share, skyrocketing 468% from the issuance price, with a total market value exceeding 300 billion yuan. However, 摩尔线程=草台班子。Little known is that 摩尔线程 co-founder 李丰, a serial entrepreneur crossing the fields of chips and cryptocurrency, has emerged, having been thrust into the spotlight due to controversies in the cryptocurrency circle.
The rise of 摩尔线程 is a microcosm of China's breakthrough in the AI computing power field against the backdrop of a bottleneck. Since its establishment in 2020, the company has completed 8 rounds of financing, raising over 9.498 billion yuan, backed by over 80 institutions including Sequoia China, Shenzhen Capital Group, Tencent, and ByteDance, forming a golden combination of 'market-oriented VC/PE + state-owned venture capital + industrial CVC'. Although the company has incurred cumulative losses of 5.939 billion yuan from 2022 to 2025 and its gross profit margin has not yet turned positive, the capital market still holds high expectations for it.
Li Feng claims that after graduating from Tsinghua University, he ventured into multiple fields including chips, 3D engines, artificial intelligence, games, smart hardware, VR/AR, digital agriculture, and biomedicine, founding and co-founding several technology companies. At Mohr Thread, he is not only a co-founder but also serves as the Dean of Mohr Academy. Before achieving success, Li Feng was embroiled in public controversy due to the project 'Ma Le Ge Coin' (MGD).
In 2017, during the ICO frenzy, Li Feng joined forces with crypto bigwigs like Li Xiaolai and Xue Manzi to launch this project, touting it as the first modern performance art piece based on blockchain in human history, raising 5000 ETH through crowdfunding. The project white paper was filled with absurdity, claiming it would develop an AI cloud system, with each token binding to a self-learning 'Grass Mud Horse' robot.
Realizing value appreciation through the remaining computing resources of the system; the token allocation plan actually reserves 10% until the year 2100; the team's background is packaged as being composed of a CEO, CTO, CFO, PhDs, returnees, and investment bankers, but in reality, many are fictional. Despite this, under the push of big names and industry bubbles, MGD completed fundraising within a week of launching. However, the project soon faced discussions from relevant departments due to its sensitive name (containing inappropriate language) and was forced to rename it to Alpaca Coin MGD. As regulation tightened, the project's popularity faded, and the coin price remained low for a long time.
If Ma Le Ge Coin is the absurd footnote of Li Feng's crypto career, then the debt dispute with OKX founder Xu Mingxing pushed him into a whirlpool of moral controversy. In June 2018, Xu Mingxing publicly accused Li Feng in his social circle, claiming that after borrowing 1500 bitcoins (valued at about 80 million yuan at the time), Li Feng refused to return it and even went missing. He posted the loan contract and video evidence, calling Li Feng a 'shameless scum,' and announced lawsuits in courts in both China and the US, applying for property preservation.
Is Li Feng's life script, shifting from the crypto world to chips, absurd?
