Star responds to debt dispute with Moore Threads co-founder Li Feng: debt issues will be handled through legal procedures

ChainCatcher reported that Star responded on social media to the topic of "Moore Threads co-founder Li Feng borrowing 1500 BTC from Star and not returning it, then losing contact," stating, "People cannot always remain in the shadow of negative history. Looking to the future, we should contribute more positive energy. Debt issues should be handled by the law. I wish every entrepreneur the best."

According to previous reports by ChainCatcher, Moore Threads surged nearly 470% on its first day of listing on the STAR Market on December 5, with its market value surpassing 300 billions RMB. However, at the same time, co-founder Li Feng's past controversies in the crypto industry have once again attracted attention.

The report pointed out that in 2017, Li Feng, together with Li Xiaolai and others, participated in the issuance of a token project called "MGD (马勒戈币)." During the ICO boom, the project raised about 5000 ETH, but several team backgrounds in the whitepaper were alleged to be exaggerated, and some fund usages were not transparent. Under regulatory pressure, the project was later renamed "Alpaca Coin." In addition, in 2018, the founder of an exchange, Star, publicly accused Li Feng of failing to return 1500 borrowed bitcoin on time and claimed to have initiated legal proceedings in both China and the US.

The loan agreement presented by Star at the time showed that the two parties first signed the agreement in 2014, and due to the need for an extension, it was renewed in 2017, but ultimately there was still a breach of contract. Due to issues with cross-border enforcement and the legal definition of virtual assets, the dispute has yet to reach a clear resolution.