Owes Xu Mingxing $135 million, hasn’t repaid in 7 years.

On December 5, this man got listed on the A-share market with a net worth of 300 billion yuan.

He is Li Feng, founder of Moore Threads, known as the “Chinese Nvidia.”

He’s also the one who, together with Li Xiaolai and Xue Manzi, launched the “Malege Coin” ICO in 2017 to fleece investors.

Let me tell you this surreal story.

| The 300 Billion Yuan “Chinese Nvidia”: Founder Is a Veteran of the Crypto World

On December 5, Moore Threads went public on the STAR Market:

- Opening price 650 yuan, surged by 468.78%
- Total market value exceeded 305.5 billion yuan
- Each winning investor made 267,000 yuan per lot

Moore Threads is known as the “first domestic GPU stock,” benchmarking Nvidia and focusing on AI chips.

Co-founder and Dean of Moore Academy, Li Feng, defined the company’s mission as: “Enabling China to possess foundational GPU technology.”

Sounds inspiring, but if you’re an old hand in the crypto world, when you see the name Li Feng, your first reaction might be: Isn’t this the guy behind “Malege Coin” back then?

| The Surreal ICO of 2017: Malege Coin

In 2017, at the peak of the ICO craze, Li Feng joined forces with Li Xiaolai, Xue Manzi, and others to launch a project called “Malege Coin” (MGD).

Raised: 5,000 ETH

The whitepaper was full of grand promises, claiming to develop an AI cloud system to change the world. Looking back now, the whitepaper was absurd—a typical “PPT coin”: no technical details, no real-world application, just celebrity endorsements.

With Li Xiaolai and Xue Manzi’s names attached, retail investors rushed in. In the end, the project flopped, investors got burned, and the big names walked away unscathed.

This was a microcosm of the 2017 ICO chaos in the crypto world.

| Xu Mingxing Calls Out Li Feng: 1,500 BTC Not Repaid

Even more explosive was in June 2018, when Xu Mingxing publicly called out Li Feng on social media: Borrowed 1,500 BTC from me and refuses to repay—a shameless scumbag, complete with the loan contract as proof.

1,500 BTC was worth about 65 million yuan at the time.

At today’s BTC price of 89,000, that’s about $135 million.

Li Feng responded: That wasn’t a loan, it was Xu Mingxing’s failed investment in the MGD project.

Each side stuck to their story, and Xu Mingxing’s debt collection ultimately went nowhere. This debt has dragged on for 7 years.

| The Crypto World’s Old Harvesters Are Now Chasing AI Hype

Looking back on this story now, it feels almost surreal:

- In 2017, Li Feng was running ICOs in the crypto world, fleecing retail investors
- In 2018, publicly called out by Xu Mingxing for not repaying debts
- By 2025, Moore Threads goes public with a market cap of 300 billion yuan, Li Feng’s net worth skyrockets

Every seasoned crypto OG knows: The ones who make real money are rarely the traders, but rather the token issuers, exchange operators, and those who pivot to new trends.

Li Feng’s story is the perfect illustration:

- In 2017, the hot trend was blockchain—he did an ICO
- In 2025, the hot trend is AI chips—he’s making GPUs

Always chasing the next big thing, always standing on the side that harvests the masses.

| Should This $135 Million Debt Be Repaid?

We don’t know whether the transaction between Xu Mingxing and Li Feng was a loan or an investment.

But what I do know is: In the crypto world, many issues end up unresolved.

Because legal regulation is unclear, because the evidence chain is hard to trace, because the cost of time is too high.

More importantly: When someone’s net worth is 30 billion yuan, does $135 million still matter?

Maybe to Li Feng, it hasn’t mattered for a long time. But to Xu Mingxing, it’s a matter of principle.

For us retail investors, never trust a project just because it has celebrity endorsements.

Back then, even with Li Xiaolai and Xue Manzi backing Malege Coin, it still crashed in the end.

Retail investors lost everything, while the big names had already moved on to new ventures.

By the way, how long do you think Moore Threads’ 300 billion yuan market cap can last?