TechFlow, on December 7, according to Foresight News, Moore Threads surged nearly 470% on its first trading day on the STAR Market on December 5, with its market capitalization surpassing 300 billion yuan. However, at the same time, controversies surrounding employee Li Feng's past in the crypto industry have resurfaced. Reports indicate that in 2017, Li Feng participated in launching a token project called "Mageloge Coin (MGD)" together with Li Xiaolai and others. The project raised approximately 5,000 ETH during the ICO boom, with multiple claims about the team background in its whitepaper accused of exaggeration and some fund usages lacking transparency. Under regulatory pressure, the project later renamed itself "Alpaca Coin." Additionally, in 2018, OKX founder Star publicly accused Li Feng of borrowing 1,500 bitcoins and failing to repay them as agreed, stating 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 first signed an agreement in 2014 and renewed it in 2017 due to extension needs, but default still occurred eventually. Due to cross-border enforcement and legal recognition issues regarding virtual assets, this dispute remains unresolved to date.
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