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Cryptosphere Says Goodbye To Chinese Bitcoin Tycoon

Cryptosphere Says Goodbye To Chinese Bitcoin Tycoon

China’s in-house Bitcoin billionaire and blockchain investor Li Xiaoli, is one of the most well-known, experienced persons in the whole cryptosphere. However, despite his status in this promising industry, he has unpredictably announced that he means to stop capitalizing actively in this future in the future.


He informed this on Weibo, one of the most well-known social media platforms in China, interpreted by TechNode. 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.


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 could not come soon to be the subject of controversy in the past. Earlier this year, Li stepped down from his role as managing partner of the $1 billion Hangzhou Xiong’An Blockchain Fund after a series of accusations were made against him. Most notable was his feud with venture capitalist Chen Weixing. Chen previously openly called Li as “tumor” of China’s cryptocurrency industry and later accused Li of owing a group of investors 30,000 bitcoins which he had collected in 2013 for an investment fund.


He was seemingly forced to step down from his partner at Hangzhou Xiong’An Blockchain Fund after he was accused of numerous 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.


In May, a program aired on CCTV (in Chinese) showed that despite the government’s cryptocurrency crackdown in 2017, ICOs were still widespread and the number of “air coins” (token projects not backed by genuine entities) were still on the rise. The report suggested that these projects encourage their associations with big-name crypto investors like Li Xiaolai in order to appear as legitimate.


Moreover, as per the attest reports, it has also been openly called a gathering 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.

John Gage
the authorJohn Gage
John Gage joined CoinNewsPulse as a subeditor and analyst, with five years of experience as a technical analyst across cryptocurrencies and exchanges. He has keen interest in economic research and latest crypto based solutions for seamless trading experience. He loves to curate pieces of technical analysis, reviews on leading cryptocurrencies and various exchanges.

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