Star responds to the debt dispute with Moore Threads co-founder Li Feng: the debt issue will be handled by legal means

Star responded on social media regarding the topic of "Mole Thread co-founder Li Feng borrowing 1500 BTC from Star and not returning it while going missing," stating, "One cannot always stay in the shadow of negative history. Looking to the future, let’s contribute more positive energy. Debt issues should be handled by the law. Best wishes to every entrepreneur."

ChainCatcher previously reported that Mole Thread 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, co-founder Li Feng's past controversies in the crypto industry have drawn renewed attention.

The report pointed out that in 2017, Li Feng participated in the issuance of a token project called "Malle Go Coin (MGD)" along with Li Xiaolai and others. The project raised about 5000 ETH during the ICO boom, but several aspects of the team background in the white paper were alleged to be exaggerated, and some uses of funds were opaque. Under regulatory pressure, the project was later renamed "Alpaca Coin." Additionally, in 2018, OKX founder Star publicly accused Li Feng of failing to return 1500 bitcoins borrowed and stated that legal proceedings had been initiated in both China and the U.S.

The borrowing agreement presented by Star at that 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 occurred. Due to issues with cross-border enforcement and the legal recognition of virtual assets, this dispute has yet to reach a clear resolution.