💥$135 million in BTC 'bad debt'! Xu Mingxing has not returned 1500 bitcoins borrowed from Li Feng, and now the latter's company has a market value of 282.2 billion?
The core relationship between Xu Mingxing and Li Feng: the 'sky-high debt' related to their early intersection in the crypto space
1. Early relationships in the crypto space: Xu Mingxing is the founder of the cryptocurrency exchange OKX and has been deeply involved in the crypto sector for many years; Li Feng also ventured into the cryptocurrency field early on, and the two became acquainted due to their industry overlap, which led to the borrowing of 1500 BTC (at that time, the value of Bitcoin was much lower than now, and the actual value of 1500 BTC differs significantly from today's $135 million).
2. The creditor-debtor relationship of 'unreturned high debt': The core issue is that the 1500 BTC loaned by Xu Mingxing was not returned by Li Feng as agreed. As the price of Bitcoin skyrocketed, the value of this early loan surged to $135 million, becoming a 'sky-high debt dispute' spanning the crypto space and the A-shares, but there is currently no public information indicating whether the two parties have resolved it through legal means.
3. The identity contrast after industry crossover: Xu Mingxing still focuses on the cryptocurrency sector, while Li Feng has transitioned to the tech track, becoming the co-founder of the A-share listed company Moore Threads, with a total market value of 282.2 billion RMB. The huge contrast in identity and status creates a strong dramatic conflict with the 'sky-high old debt', triggering widespread market discussions.
