[Moore Threads Co-Founder Li Feng Allegedly Involved in ICO Project and Dispute Over 1,500 Bitcoins] December 7 news: On December 5, Moore Threads saw a nearly 470% surge on its first day of listing on the STAR Market, with its market value surpassing 300 billion yuan. However, at the same time, past controversies surrounding co-founder Li Feng in the crypto industry have resurfaced. Reports indicate that in 2017, Li Feng, along with Li Xiaolai and others, participated in the issuance of a token project called 'Malgobi (MGD).' The project raised approximately 5,000 ETH during the ICO boom, but several claims in the white paper regarding the team’s background were alleged to be exaggerated, and the use of some funds was deemed opaque. Under regulatory pressure, the project was later renamed 'Alpaca Coin.' Additionally, in 2018, OKX founder Star publicly accused Li Feng of failing to repay 1,500 borrowed bitcoins on time and claimed to have initiated legal proceedings in both China and the United States. The loan agreement presented by Star showed that the two parties first signed the agreement in 2014, with an extension agreed upon in 2017 due to delays, but a default ultimately occurred. Due to issues with cross-border enforcement and the legal recognition of virtual assets, the dispute remains unresolved to this day.