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Chinese Bitcoin Tycoons’ Battle of Words Over BTC 30,000

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Chinese Bitcoin Tycoons' Battle of Words Over BTC 30,000

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Chinese entrepreneur Chen Weixing has got himself in hot water after accusing a fellow national “Bitcoin tycoon” of misrepresenting the truth over raising Bitcoin funds, writes Coindesk.

Chen, CEO of an app-development firm called Fun City, is a known blockchain enthusiast, having invested in a long list of Chinese blockchain projects, including Qtum and Tron, and exchange operators such as Binance and Huobi, according to Quartz. He made news in 2015 when he announced a ride-sharing project with Yang Jun, co-founder of Chinese group deals app Meituan.

His recent WeChat accusations against Li Xiaolai, a successful Chinese cryptocurrency investor and early Bitcoin mover, have suggested that Li raised BTC 30,000 bitcoins (USD 200 million) in 2013 that was to mature in September 2017, but then changed the deadline to a year later.

Chen alleged that Li had spent the raised funds on a Bitcoin gambling site called Just-Dice, suggesting, “Everyone who’s been in blockchain industry long enough knows this. I’m not lying.”

The crypto community in China has now become embroiled in what is fast becoming a feud between the two Chinese entrepreneurs. Li refused to respond saying that Chen needed to prove his claims.

The latest development in the crypto-feud saw Chen making further allegations that Li lured investors during the bull market in order to liquidate his profits. These accusations lured Li out of hiding, writing an article denying all of the claims:

“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.”

According to Coindesk, Chen has made a reputation of making inflammatory remarks about other investors. Earlier this year, Zhu Xiaohu, a notable Chinese investor and managing director at GSR Ventures Management shunned WeChat group discussions, because he wanted to “maintain his integrity”.

Chen responded:

“Zhu just wants to die in the old world but I want to live in the new world to come… He doesn’t even care to keep learning. He’s also killing the innovation of a group of passionate young people while pretending to maintain that integrity of his.”

The latest on this crypto ‘Gunfight at the OK Corral’ is that Li is now considering taking legal action against Chen Weixing for defamation of character.


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