Li Feng, co-founder of Moore Threads, has been exposed for his involvement in an ICO project and a dispute over the default of 1,500 bitcoins

According to Foresight News, Moore Threads surged nearly 470% on its first day of listing on the Sci-Tech Innovation Board on December 5, with a market value exceeding 300 billion yuan. However, at the same time, the past controversies of co-founder Li Feng in the cryptocurrency industry have once again drawn 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 "Malle Go Coin (MGD)." The project raised about 5,000 ETH during the ICO boom, with several team background claims in the white paper being accused of exaggeration and some fund usage being opaque. Under regulatory pressure, the project was renamed "Alpaca Coin." Additionally, in 2018, OKX founder Star publicly accused Li Feng of borrowing 1,500 bitcoins and failing to repay them on time, claiming that legal proceedings had been initiated in both China and the United States.

The borrowing agreement presented by Star at the time showed that the two parties first signed the agreement in 2014, and it was renewed in 2017 due to a request for an extension, but ultimately, a default situation still occurred. Due to issues related to cross-border enforcement and the legal recognition of virtual assets, this dispute has yet to reach a clear resolution.