Li Feng, co-founder of Moore Threads, touted as the "first domestically produced GPU stock," has been exposed for issuing cryptocurrency to raise funds and defaulting on a loan of 1,500 BTC.

PANews reported on December 7th that, according to Foresight News, Moore Threads, touted as China's Nvidia, debuted on the STAR Market on December 5th as the "first domestically produced GPU stock," opening at 650 yuan per share, a surge of 468.78% from its issue price of 114.28 yuan, pushing its total market capitalization above 300 billion yuan. This ignited enthusiasm in the A-share market, with a single winning bid (500 shares) yielding a net profit of over 267,000 yuan. E Fund Management saw a paper profit of nearly 1.9 billion yuan, early investors such as Tencent and ByteDance achieved returns exceeding 35 times, and Peixian Qianyao achieved a return of up to 6200 times. However, Li Feng, co-founder of Moore Threads and dean of Moore Academy, had previously been embroiled in controversy surrounding cryptocurrency.

The project "Malago Coin" (MGD) was embroiled in controversy in 2017. Li Feng, along with other prominent figures in the cryptocurrency world such as Li Xiaolai and Xue Manzi, launched the project, using the gimmick of "the first modern performance art based on blockchain in human history," and raised 5,000 ETH through crowdfunding. The token distribution plan reserved 10% for the year 2100; the team's background was packaged as "composed of a CEO, CTO, CFO, PhD, returnee, and investment banker," but this was largely fabricated. Despite this, MGD completed its fundraising within a week of its launch. However, the project was quickly summoned by relevant departments due to the sensitive nature of its name and was forced to change its name to "Alpaca Coin MGD."

The dispute with OKX founder Star over a 1,500 Bitcoin debt : In June 2018, Star publicly accused Li Feng on his WeChat Moments of refusing to repay a loan of 1,500 Bitcoins (worth approximately 80 million yuan at the time) and even "disappearing." He posted the loan agreement and video evidence, and announced that he had filed lawsuits in courts in both China and the United States, applying for asset preservation. In mid-2018, 1,500 BTC were worth approximately $10 million; currently, their value is as high as $135 million. Li Feng responded via group chat, claiming that the loan was actually Star's investment in the MGD project, and because the project failed to launch, Star regretted it and wanted the funds back. Both sides maintain their own versions of events.

The agreement posted by Star shows that, with Hu Zhibin's guarantee, Star and Li Feng renewed the Bitcoin lending agreement. The "Bitcoin Lending Agreement" was first signed on December 17, 2014, and expired on December 16, 2016. However, due to personal reasons of Party B, the loan period needed to be extended, so the agreement was renewed on March 30, 2017, extending the loan period to December 31, 2017.