"China's First Domestic GPU Stock" Moore Threads Co-founder Accused of "Issuing Tokens to Raise Money," Owes 1,500 Bitcoins and Refuses to Repay

Claiming to be the “Nvidia of China,” Moore Threads debuted on the STAR Market on December 5 as the “first domestic GPU stock,” with its opening total market cap surpassing RMB 300 billion. However, Moore Threads co-founder and Moore Academy dean Li Feng has been thrust into the spotlight due to past controversies in the crypto circle: in 2017, after launching “Malegecoin” and raising 5,000 ETH, he changed the project’s name and disappeared; in 2018, he was publicly accused of refusing to repay a loan of 1,500 BTC.

Moore Threads’ STAR Market Surge Legend

Moore Threads was listed on the STAR Market on December 5, opening at RMB 650 per share, a 468.78% surge from its issue price of RMB 114.28, setting a new record for opening growth on the STAR Market. This company, known as the “Nvidia of China,” saw its total market cap instantly exceed RMB 300 billion, becoming the hottest new star on the A-share market. Investors who won a single lot (500 shares) netted over RMB 267,000, making it one of the most profitable IPOs of the year.

Institutional investors profited handsomely as well. E Fund Management, as a key strategic investor, saw an unrealized gain of nearly RMB 1.9 billion. Early investors Tencent and ByteDance achieved returns of over 35x, while earliest investor Peixian Qianyao saw a return as high as 6,200x, setting a stunning record in China’s venture capital history. This wealth effect quickly drew market attention, with Moore Threads regarded as a landmark enterprise in China’s semiconductor independence.

Founded in October 2020 by former Nvidia China executive Zhang Jianzhong, Moore Threads focuses on domestic GPU R&D. Its core products include the MTT S80 and MTT S60 GPU chip series, used in AI training, inference, cloud gaming, and data centers. Amid Nvidia’s restricted sales of high-end GPUs to China due to US export controls, Moore Threads is viewed as a key player filling the domestic GPU gap.

However, behind this capital feast, Moore Threads’ co-founder Li Feng’s crypto black history has resurfaced. Li Feng, as the dean of Moore Academy, is responsible for the company’s education and ecosystem development. But his experiences in the crypto circle from 2017-2018 are becoming the biggest controversy following Moore Threads’ listing.

The Malegecoin Scam: A Modern Performance Art Farce for Cash

In 2017, Li Feng, together with crypto heavyweights Li Xiaolai and Xue Manzi, launched the “Malegecoin” (MGD) project, hyped as “the first blockchain-based modern performance art in human history,” raising 5,000 ETH through crowdfunding. The project was controversial from the start, with the name “Malegecoin” itself having an obviously provocative pun.

Five Major Doubts About the Malegecoin Project

Absurd Token Allocation: Planned a 10% reserve until the year 2100—such ultra-long-term locking was seen as a joke at the time.

Fake Team Background: Marketed as “composed of CEO, CTO, CFO, PhDs, returnees, and investment bankers,” but most were fictitious.

Rapid Fundraising Completion: Despite controversies, MGD raised 5,000 ETH within a week of launch, exposing the speculative atmosphere of the market.

Forced Renaming and Disappearance: The project was summoned by authorities due to its sensitive name, renamed “Alpaca Coin MGD,” and then vanished.

Lack of Actual Application: The project never developed any real product; it was purely a vehicle for raising money.

2017 was the height of China’s ICO frenzy, with countless projects raising funds via token issuance, most of which turned out to be scams. Malegecoin, under the banner of “performance art,” actually leveraged the influence of figures like Li Xiaolai and Xue Manzi to attract investors. Li Xiaolai was then known as the “Bitcoin tycoon,” and Xue Manzi was a well-known angel investor, lending credibility to the project.

However, the project was quickly summoned by authorities for its sensitive name. On September 4, 2017, the People’s Bank of China and six other ministries issued the “Announcement on Preventing Token Issuance Financing Risks,” which completely banned ICOs. Malegecoin was forced to be renamed “Alpaca Coin MGD” under this backdrop, but subsequently disappeared. The whereabouts of the 5,000 ETH raised (worth about $1.5 million at the time) remain unknown, and investors lost everything.

1,500 BTC Debt Dispute: From $8 Million to $135 Million

(Source: X)

In June 2018, major CEX founder Star publicly accused Li Feng in his WeChat Moments of borrowing 1,500 BTC (then worth about RMB 80 million) and refusing to return it, even going “missing.” He posted the loan contract and video evidence, announcing lawsuits in both China and the US and applying for asset preservation. In mid-2018, those 1,500 BTC were worth about $10 million; now they are worth as much as $135 million, an increase of over 13x.

Star’s posted agreement shows that, under the guarantee of Hu Zhibin, Star and Li Feng renewed their loan agreement. The “Bitcoin Loan Agreement” was first signed on December 17, 2014, and was due on December 16, 2016, but due to party B’s personal reasons, the loan period was extended and a new agreement was signed on March 30, 2017, extending the loan to December 31, 2017. This means Li Feng had use of the 1,500 BTC for as long as three years.

Li Feng responded in a group chat that the loan was actually Star’s investment in the MGD project, and since the project did not launch, Star regretted and wanted his money back. This defense has obvious flaws: if it was an investment and not a loan, why was there a formal “Bitcoin Loan Agreement”? If it was a project investment, why does the agreement clearly specify the loan term and repayment obligations? Both sides have their arguments, but from the legal documents, Star’s accusation appears more credible.

The scale of this debt has ballooned as Bitcoin’s price has soared. When the agreement was first signed in 2014, 1,500 BTC were worth about $600,000. At the 2017 renewal, they were worth about $1.5 million. When Star went public in 2018, the value was about $10 million. By December 2025, with Bitcoin’s price surpassing $90,000, the value of 1,500 BTC had reached $135 million. If the courts finally rule that Li Feng must return the loan, it would become one of the largest personal debt cases in China’s crypto history.

Reputation Risks Facing Moore Threads

The impact of Li Feng’s crypto black history on Moore Threads has yet to fully manifest, but it has already sparked widespread discussion on social media. Investors are questioning: how can someone who once issued a coin to raise money and defaulted on debts serve as co-founder of the “first domestic GPU stock” and dean of Moore Academy? Will this background affect the company’s integrity and long-term development?

From a legal standpoint, Li Feng’s personal debt dispute has not yet resulted in a clear judgment. If Star ultimately wins lawsuits in China and the US, Li Feng could face massive compensation. A debt of $135 million is enough to wipe out personal wealth and could even lead to his shares in Moore Threads being frozen or forcibly executed, negatively impacting the company’s stability.

From a corporate governance perspective, did Moore Threads’ pre-IPO due diligence fully disclose Li Feng’s controversial history? The STAR Market has extremely strict information disclosure requirements, and if the company intentionally concealed this information, it could face regulatory penalties. Investors have the right to know the full background of the company’s core management, including any historical events that could impact the company’s reputation.

From an industry competition perspective, the domestic GPU track is fiercely competitive, with strong rivals like Biren Technology and Tianshu Zhixin besides Moore Threads. Any negative news could be exploited by competitors, affecting customer confidence and market share. In the semiconductor industry, which is highly trust-dependent, loss of reputation could lead to lost orders and the withdrawal of partners.