Moore Threads co-founder Li Feng reportedly involved in ICO projects and a dispute over 1,500 bitcoins owed

According to ChainCatcher, as reported by Foresight News, Moore Threads surged nearly 470% on its first day of listing on the STAR Market on December 5, with its market value surpassing 300 billions yuan. However, at the same time, co-founder Li Feng's past controversies in the crypto industry have once again attracted attention.

The report pointed out that in 2017, Li Feng, along with Li Xiaolai and others, participated in the issuance of a token project called "Maledgecoin (MGD)." During the ICO boom, the project raised about 5,000 ETH, but several aspects of the team's background in the whitepaper were alleged to be exaggerated, and some uses of funds were not transparent. Under regulatory pressure, the project was later renamed "Alpaca Coin." In addition, in 2018, the founder of an exchange, Star, publicly accused Li Feng of failing to repay 1,500 bitcoins borrowed, and claimed that legal proceedings had been initiated in both China and the United States. The loan agreement presented by Star showed that the two parties first signed an agreement in 2014, and due to the need for an extension, it was renewed in 2017, but ultimately a breach of contract still occurred. Due to issues with cross-border enforcement and the legal recognition of virtual assets, this dispute has yet to reach a clear resolution.