Recently, there’s been a major buzz around the STAR Market. Moore Threads, known as the “No. 1 Domestic GPU Stock,” soared nearly 470% on its December 5th debut, pushing its market cap past 300 billion yuan. Those lucky enough to get an allotment in the IPO instantly pocketed 267,000 yuan, and early investors like Tencent and ByteDance are laughing all the way to the bank—with paper returns of over 35x, and some institutions earning even more.

But behind the hype, an old story has resurfaced: co-founder Li Feng apparently had some debt disputes in the crypto space in his early years. There are claims he was involved in a token project and later failed to repay 1,500 BTC. This issue is being discussed again now, and given current crypto prices, it’s not a trivial amount.

With the company’s wealth-creating IPO and lingering debt controversies colliding, the market’s attention on this firm has instantly become much more complicated. Technical strength is one thing, but investors may have to carefully consider the founders’ past experiences as well.