Home / Ethereum / Chinese Bitcoin Billionaire Unexpectedly Exits Crypto Industry, Controversy Ensues

Chinese Bitcoin Billionaire Unexpectedly Exits Crypto Industry, Controversy Ensues



Cryptosphere Says Goodbye To Chinese 'Bitcoin Tycoon'

China's in-house Bitcoin billionaire and blockchain investor, is one of the most well-known, experienced individuals in the entire cryptosphere. However, he has unexpectedly announced that he intends to stop investing actively in this future in the future.

For those who are unaware, Li is the founder of BitFund, a Beijing-based venture capital fund with a focus on promising cryptocurrency and blockchain projects. Bitcoin holders, with rumors stating that he owns tens of thousands of the shiny gold digital tokens.

According to a billionaire on Weibo, one of the most popular social media platforms in China, translated by TechNode, Li wrote:

From this day on, I, Li Xiaolai, will not invest in any projects (whether it is blockchain or early stage). So, if you see 'Li Xiaolai' associated with any project, just ignore it.

The Chinese Bitcoin tycoon went on to add that he has plans to work for several years, as he will contemplate of writing. There is still a speculation that can be invested in blockchain projects, but through alternative means, like an investment fund or institution.

While he was so much underrated, Li Xiaolai's value has been seriously underrated. While there were dozens who were sad to see him leave, there were others who thought it couldn 't come soon to be the subject of controversy in the past.

He was seemingly forced to step down from his partner at Hangzhou Xiong'An Blockchain Fund after he was accused of several fellow leaders. Chen Weixing, a Chinese venture capitalist, called Li a "tumor" in the side of China's cryptosphere, for one, later noting that the investor is still over 30,000 BTC to an unnamed group of creditors. Although this situation has seemingly gone unaddressed, it could be assumed that this accusation made him want to distance himself from this industry.

Moreover, as reported by Ethereum World, it has also been openly called a multitude of leading crypto startups and projects. According to NEO "stupid and worthless," Binance "fraudulent," and Justin Sun to "scammer," just to name a few of the inflammatory statements he made.

He was an executive at Binance for one, claimed that he made false claims. The scathing responses made against the investor's rather rude comments made him want to leave this space, which has become increasingly hostile towards him as of late. Or then again, maybe the increasing regulatory pressure on this industry from the Chinese government has rationalized its decision to leave this industry, as it wants to be put in jail … right?

Photo by Yiran Ding on Unsplash

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