The Ethereum treasury company led by Huobi founder Li Lin has been suspended, which was previously planned to raise $1 billion

According to reports from Wu Shuo, the $1 billion Ethereum DAT plan led by Li Lin, Shen Bo, Xiao Feng, Cai Wensheng, and others has been shelved, and the funds raised have been returned. This plan was the largest DAT led by Asian investors, and industry insiders speculate that the main reason for the halt is the bearish market following the 1011 incident, with many DAT companies experiencing significant stock price declines recently. Regarding whether the plan will be restarted, relevant parties have stated that investor interests will be prioritized, and it remains to be seen how the market will develop.

According to an earlier report by Bloomberg, Li Lin (founder of Huobi) is collaborating with Shen Bo (co-founder of Distributed Capital), Xiao Feng (CEO of HashKey), and Cai Wensheng (founder of Meitu), among other early Asian Ethereum supporters, to establish a new digital asset trust fund, with an initial plan to purchase approximately $1 billion worth of ETH. The team is in talks to acquire a NASDAQ-listed shell company for structural setup, with funds including $200 million from Li Lin's Avenir investment company and about $500 million from Asian institutions such as Sequoia China.