Please don’t skip this message — it only takes a minutes to read. Sorry to bother you, but time is running out.

Bitcoin is freedom. If you think independent, ‘bitcoin-only’ media is important, if you believe information and education about bitcoin matters for adoption, and if you have gained something from our work, we would be grateful if you could chip in $21. 

Join the 2% of our readers who occasionally make a donation. If everyone reading this donated just $21, we would reach our target in a couple of hours. $21 is all we ask for. To cover the cost for our servers, editors, writers, and thumbnail artists we rely on our readers’ generous support. 

How You can chip in:

  • Send sats as a tip to a writer. All of our writers have an active tipping widget.
  • Join our campaign on 
    Awesome perks are waiting for you such as the limited edition Bukele Blend Coffee from El Salvador.

Your support ensures that Bitcoin News stays independent with a laser focus on Bitcoin and only Bitcoin.


Bitcoin Evangelist Li Xiaolai Resigns from $1B Government-Backed Blockchain Fund

Bitcoin Evangelist Li Xiaolai Resigns from $1B Government-Backed Blockchain Fund

Support free writers: > send a tip

written by

One of China’s most prominent cryptocurrency investors and Bitcoin advocates, Li Xiaolai, has resigned from the Hangzhou Xiong’An Blockchain Innovation Fund, giving up his position as managing partner of the USD 1 billion Chinese startup.

A brief timeline of disputes and allegations

The resignation comes after venture capitalist Chen Weixing publicly began making hostile comments toward Li. Branding the investor as a “fraud” and a “tumor” of the industry, he went on to accuse Li of owing BTC 30,000 to a group of investors, dating back to 2013. According to Chen, this was not repaid as Li had “gambled” the funding away.

Li had later responded in detail to these accusations: “Once again, it’s not true. The fund was a private equity ‘equivalent to 20 million yuan (USD 3 million)’. And I never promised to guarantee the fund’s value using Bitcoin. My quote was ‘We hope (this fund) can outrun the Bitcoin market’. As for the ‘due in September’ part, the fund was set up in a ‘4+1’ model, so it ought to due in September this year. Chen is just muddying the water.”

Audio leak

The dust had barely settled on the matter before a recording of a private meeting that took place in January 2018 was leaked onto social media on 3 July. As reported by local media outlet Baidu, Li took aim at NEO, Tron, Ripple and Binance, going so far as to call the exchange a “scam”.

Chen was quick to follow up the scandal and further questioned the Xiong’An Blockchain Fund, challenging the government’s significant financial backing.

In April 2018, the Blockchain Industrial Park was launched in one of China’s biggest tech hubs, Hangzhou, home to some of the largest tech firms in the country such as Alibaba; USD 400 billion of funding was provided from the government of the city of Hangzhou.

The resignation

On Monday, 9 June, Li announced the resignation on his Weibo account, believing that his decision would maintain the integrity and reputation of the government-backed investment fund.

He wrote: “The series of defamations from Chen Weixing against myself has brought material and negative impacts on the reputation of Xiong’An Blockchain Fund… To let the Hangzhou government continue its push for blockchain development, I will resign from my role as a managing partner.”

However, Li will not be going down without a fight. Last Friday, he announced via his WeChat channel that a defamation lawsuit had been filed against Chen, to which Chen responded, calling for other “victims” to use this opportunity to take on Li in court.


Follow on Twitter at

Telegram Alerts from at

Image Courtesy: Pixabay

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


bitcoin shop miami

Read More Bitcoin News

Hayek And Bitcoin

Hayek and Bitcoin

Hayek passed long before Bitcoin’s inception, but in his book The Denationalisation of Money, he argued for nothing short of stripping the state of its monopoly power of money itself.

Read More »


bitcoin shop miami

Join our Newsletter

Video of the Week


Latest on Bitcoin News

Join our Newsletter


This Month on Bitcoin News

Press Releases

Bitcoin News Archive

Support Bitcoin News - Explore Our Shop: