Li Feng, co-founder of Moore Threads, has been exposed for involvement in ICO projects and a dispute over 1,500 Bitcoins owed to him.

According to Foresight News, Moore Threads surged nearly 470% on its first day of trading on the STAR Market on December 5th, pushing its market capitalization above 300 billion yuan. However, at the same time, co-founder Li Feng's past controversies in the crypto industry have once again drawn attention.

The report points out that Li Feng, along with Li Xiaolai and others, participated in the issuance of a token project called "Malgo Coin (MGD)" in 2017. The project raised approximately 5,000 ETH during the ICO boom, and its white paper was accused of exaggerating several aspects of the team's background and lacking transparency regarding the use of some funds. Under regulatory pressure, the project was later renamed "Alpaca Coin".

Furthermore, in 2018, OKX founder Star publicly accused Li Feng of failing to repay a loan of 1,500 bitcoins on time, and stated that legal proceedings had been initiated in both China and the United States. The loan agreement shown by Star at the time indicated that the two parties initially signed the agreement in 2014, and it was renewed in 2017 due to extension requests, but ultimately a default occurred. Due to issues of cross-border enforcement and the legal recognition of virtual assets, this dispute remains unresolved.