Moore Thread's joint venture has cut 1500 BTC from CEO Xu of OKX, raising the company's market value to 400 billion??
When I saw this news, I honestly didn't believe it either.
This instantly reminded me of Sun Ge. Could it really be: before wanting to grow big and strong, one must first learn to cut?
On December 5, 2025, the domestic GPU leader Moore Thread officially landed on the Sci-Tech Innovation Board, becoming the capital market's most watched 'domestic GPU first stock'.
The main reason is: the domestic Nvidia's market value exceeds 440 billion RMB, while NVDA's market value is approaching 5 trillion USD. But the gap is still large because one is RMB and the other is: 💲
What shocked the entire market even more was: one signing in Moore Threads could earn over 270,000, and get over 300,000 five days later!!! This is: wealth from outside!
Looking at the entire coin circle: the meme market has very few such opportunities.
However, just two days later, with a social media interaction by OKX founder Xu Mingxing, an old case involving suspected debt owed by Moore Threads co-founder Li Feng re-entered the public eye.
Public information shows that in June 2018, Xu Mingxing publicly accused Li Feng of refusing to repay a loan of up to 1500 Bitcoins (worth about 80 million RMB at the time), claiming he was 'missing'.
At that time, Xu Mingxing disclosed relevant loan agreements and video evidence, and stated that he has filed a lawsuit in courts in both China and the United States and applied for property preservation.
According to the agreement disclosed at that time, the loan can be traced back to 2014, and after renewal, the repayment period was extended to December 31, 2017.
Based on the current Bitcoin price estimate, the debt value has exceeded 135 million USD, equivalent to 955 million RMB. Li Feng's side had previously responded through community channels stating that the funds were actually Xu Mingxing's investment in a blockchain project he participated in, and since the project did not meet expectations, the other party requested a return under the pretense of 'loan'.
Both parties have differing opinions, and this dispute has not yet had a public judicial conclusion.
An alpaca token has cut 1500 BTC from Boss Xu.
Public information shows that Li Feng participated in a blockchain project called 'Malergobi' (later renamed 'Alpaca coin', abbreviated as MGD) in 2017.
An alpaca was born in the 2017 ICO, the most popular era.
It was also the most rampant time for cutting leeks, and at the same time in September of that year, the country began to crack down hard.
Actually, I am not clear about this: 'Alpaca coin', is it to gain popularity or is it a form of true performance art, to take such a name? I estimate that the original founders and team are the clearest.
But I flipped through the information, and at that time in 2018, many self-media accounts started talking about this air coin.
However, back then you said doge was an air coin, and now it's really a slap in the face, this has already surpassed what you can aspire to. Over ten thousand times the profit!!! I estimate this brother is regretting it now.
In the end, this alpaca coin also privately raised 5000 ETH, but at that time, the price of ETH was not very high.
Is 1500 BTC a loan? Or an investment?
Regarding the nature of Li Feng and the 1500 BTC dispute, current public information shows:
Xu Mingxing claims it was a loan: OKX founder Xu Mingxing publicly stated that in 2014, Li Feng borrowed 1500 BTC from him on the grounds of urgently needing funds for a blockchain project and signed a (Bitcoin borrowing agreement) that specified the repayment period and interest. Xu Mingxing provided evidence such as the loan agreement and chat records, stating that Li Feng was overdue and refused to acknowledge the loan.
Li Feng claims it was an investment: Li Feng responded that these 1500 BTC were Xu Mingxing's investment in a certain blockchain project, and since the project did not meet the expected goals, Xu Mingxing regretted wanting to get the funds back, thus creating a dispute. However, Li Feng was unable to provide direct evidence such as an investment agreement to support his claim.
However, this dispute has now entered the judicial process, and there is currently no public judgment result.
Therefore, the nature of this BTC ultimately needs to be determined by judicial ruling.
In fact, for Boss Xu of OKX, whether in 2018 or now? He has always been in a position of not lacking money, and more importantly: OKX's status in the industry is also evident.
But the most important thing is? I lend you money, you can say: no money, or I lost everything! But you cannot shamelessly deny it. To be honest, I personally hate such people the most. I am also someone who doesn’t like to lend money to others. When things are good, we are still friends, but in bad times, relatives can become enemies because of lending money, and in reality, there are countless such cases.
Why wasn't Li Feng present at the listing of Moore Threads?
When I went to check the public announcement of Moore Threads' listing, among the 186 senior management personnel and core employees, I found no one named Li Feng.
Yongqi summarized, there may be the following three reasons:
Identity in doubt: Li Feng claims to be the 'co-founder of Moore Threads', but he is not listed as a founder, shareholder, or core management in the Moore Threads prospectus and official materials. His 'co-founder' identity lacks official recognition and is more of a personal promotional statement.
Debt dispute impact: Li Feng has a debt dispute involving 1500 Bitcoins with crypto industry figure Xu Mingxing, which has attracted widespread attention. It is unknown whether this is to evade previous debts fearing creditors would come to demand money, or if it was planned from the beginning to use relatives' names as shareholders to cash out after going public.
After all, you have black materials, going out must be worrying, 1500 BTC is worth more than 1 billion RMB today, Boss Xu does not lack this little money.
Just like the duel between Ding Yuanying and Lin Yufeng in the Dao. The Dao is the rule, if you break the rule, the OKX boss does not lack that bit of money to deal with you, but Boss Xu speaks of the Dao.
Actual contribution is limited: the core team of Moore Threads is led by Zhang Jianzhong, with many members coming from senior positions in the chip industry such as NVIDIA. Li Feng mainly serves as the dean of Moore Academy, focusing on talent cultivation and industry-university-research cooperation, and has not participated in the company's core business decisions and technology development.
According to common sense, as a co-founder, he would obviously be listed in the prospectus, but indeed no relevant information has been seen so far.
So far, neither Li Feng nor Moore Threads has responded to the aforementioned dispute.
Therefore, Li Feng's absence from the Moore Threads listing event is due to his identity not being officially recognized by the company, existing debt disputes, and his actual contribution being relatively low in relation to core business.
I don’t know if in the chaotic years of sickles, Boss Xu was accidentally cut, or if at that time Boss Xu was standing at a high position, wanting to support the development of this industry well, or perhaps Boss Xu also had insufficient understanding, and there were mistakes when seeing people.
But all of this is in the past, Boss Xu has definitely let it go long ago, and perhaps the only thing that cannot be let go is that sentence: I have 1 billion, supported you back then, and now you bite me back.
This TMD is not the living story of the farmer and the snake!
The sickles of all eras are hidden in stories.
Some break through with strength, some step on the old to climb up, and some leave an indelible controversy in the industry's giant waves due to a 'loan dispute'.
But no matter whether Li Feng's 1500 BTC is a loan or an investment, the facts have already told us: in the coin circle, cognition, integrity, and pattern are indispensable.
Cognition determines how far you can see, integrity determines how steadily you can walk, and pattern determines what height you will stand at.
Xu Mingxing's 1 billion is the swirling winds in the industry; Li Feng's story is the ash and dust of the era. What can truly transcend cycles is never the success packaged but the underlying logic that can withstand scrutiny.
A sickle can cut down temporary wealth, but it cannot carve out a long-term future. The times will remember those who truly work for the industry, and every unclear transaction will be restored to its truth by time.
Deep observation · Independent thinking · Value is not limited to price.
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In the end: many viewpoints in the text represent my personal understanding and judgment of the market and do not constitute advice for your investment.
