[Chain News] Moore Threads, touted as the “No.1 Domestic GPU Stock,” debuted on the STAR Market on December 5. Its opening price soared 468.78%, rocketing from the issue price of 114.28 yuan to 650 yuan, and its total market value instantly surpassed 300 billion yuan. A-share investors celebrated wildly, with each winning lot netting a profit of 267,000 yuan, E Fund posting an unrealized gain of nearly 1.9 billion yuan, and early investors like Tencent and ByteDance seeing returns of over 35x. One investor, Peixian Qianyao, even achieved a staggering 6,200x return.
But behind this glamour, co-founder Li Feng’s dark past in the crypto circle has been exposed.
Back in 2017, Li Feng teamed up with crypto heavyweights like Li Xiaolai and Xue Manzi to launch a project called “Malegecoin” (MGD), which claimed to be “the first blockchain performance art in human history” and raised 5,000 ETH through crowdfunding. The whitepaper was full of hype—boasting a star team of CEOs, CTOs, CFOs, PhDs, overseas returnees, and investment banking elites. The token