Owes Xu Mingxing $135 million, hasn't paid back for 7 years.

On December 5th, this person went public on the A-share market, with a fortune of 300 billion.

He is Li Feng, the founder of 'China's version of Nvidia', Moore Threads.

He is also the person who, in 2017, along with Li Xiaolai and Xue Manzi, engaged in the 'Malle Go Coin' ICO to make a profit.

Let me tell you this magical story.

| 300 billion 'Chinese Nvidia', the founder is an old hand in the cryptocurrency circle.

On December 5th, Moore Threads was listed on the Sci-Tech Innovation Board:

- Opening price 650 yuan, surged 468.78%

- Total market value exceeded 305.5 billion yuan

- Investors who won the lottery gained 267,000 yuan per ticket

Moore Threads is known as 'the first domestic GPU stock', benchmarking Nvidia, focusing on AI chips.

Co-founder and Dean of Moore College Li Feng defines the company's mission as: to let China have the 'root technology' of GPUs.

It sounds very positive, but if you are an old-timer in the crypto world, seeing the name Li Feng might make you think: isn't this the person who was behind 'Malle Go Coin' back in the day?

| The magical ICO of 2017: Malle Go Coin

In 2017, at the height of the ICO frenzy in the crypto world, Li Feng, along with Li Xiaolai, Xue Manzi, and others, launched a project called 'Malle Go Coin' (MGD).

Fundraising: 5000 coins $ETH

The white paper was full of grand claims, saying it would develop an AI cloud system to change the world, but looking back now, the project's white paper is filled with absurdities; it is a typical PPT coin: no technical details, no practical scenarios, all relying on celebrity endorsements.

Once the names of Li Xiaolai and Xue Manzi were mentioned, retail investors rushed in, and ultimately the project failed, the investors lost money, and the big players walked away unscathed.

This is a microcosm of the chaotic ICO situation in the crypto world in 2017.

| Xu Mingxing tears into Li Feng: 1500 coins$BTC Not repaid

Even more explosive was in June 2018, when Xu Mingxing publicly named Li Feng in his social circle: he borrowed 1500 BTC from me and refused to pay it back; he is a shameless scoundrel, and he even posted the loan contract.

1500 coins$BTC , which was worth about 65 million RMB at the time.

Based on today's BTC price of 89,000, it is now worth about 135 million USD.

Li Feng's response was: that was not a loan, but Xu Mingxing's failed investment in the MGD project.

Both sides have their own arguments, Xu Mingxing's debt collection efforts ultimately came to nothing; this debt has been pursued for 7 years.

| Those who harvested retail investors in the crypto world back then are now going after AI investors.

Looking back at this story now, it feels like surrealism:

- In 2017, Li Feng was in the crypto world engaging in ICOs and harvesting retail investors.

- In 2018, he was publicly called out by Xu Mingxing for refusing to repay debts.

- In 2025, Moore Thread goes public with a market value of 300 billion, and Li Feng's wealth surges.

Old-timers in the crypto world all know one principle: those who really make big money are mostly not the ones trading coins, but those who issue coins, operate exchanges, or pivot to hot trends.

Li Feng's story perfectly illustrates:

- In 2017, the trend was blockchain; he engaged in ICOs.

- In 2025, the trend is AI chips; he is making GPUs.

Always chasing the trends, always on the side of harvesting retail investors.

| Should this debt of 135 million USD be repaid?

We don't know whether it was a loan or an investment between Xu Mingxing and Li Feng.

But what I do know is: many issues in the crypto world ultimately end up unresolved.

Because legal regulations are unclear, because the evidence chain is difficult to trace, and because the time cost is too high.

More importantly: when a person's wealth reaches 300 billion, is 135 million USD still important?

It may not matter to Li Feng anymore, but for Xu Mingxing, this is a matter of principle.

For us retail investors, don't easily trust projects endorsed by celebrities.

Wasn't the Malle Go Coin endorsed by Li Xiaolai and Xue Manzi ultimately a failure?

Retail investors lost everything, while the big players had already moved on to new battlefields.

By the way, how long do you think this 300 billion market value of Moore Thread can last?