Moore Threads co-founder Li Feng was reported to have been involved 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 participated in the issuance of a token project called "Malergobi (MGD)" along with Li Xiaolai and others. The project raised about 5,000 ETH during the ICO boom, and several team backgrounds in the white paper were accused of being exaggerated, with some funding uses being opaque. Under regulatory pressure, the project was renamed "Alpaca Coin." Additionally, in 2018, OKX founder Star publicly accused Li Feng of failing to repay 1,500 bitcoins borrowed on time, claiming that legal proceedings had been initiated in China and the U.S. The borrowing agreement presented by Star at the time showed that both parties first signed the agreement in 2014, and it was renewed in 2017 due to a request for an extension, but ultimately, a default still occurred. Due to issues with cross-border enforcement and the legal recognition of virtual assets, the dispute has yet to reach a clear resolution.