Noted Crypto Tycoon Resigns From Blockchain Investment Fund After Series Of Defamations

Noted Crypto Tycoon Resigns From Blockchain Investment Fund After Series Of Defamations

A noted crypto tycoon and an early Bitcoin “evangelist” from China, Li Xiaolai, has resigned from $1 bln Hangzhou Xiong’An Blockchain Fund where he worked as a managing partner. The sudden departure is a result of several defamatory comments made against him.

According to some reports, an ongoing internet feud between the investor and Chen Weixing, a Chinese venture capitalist, who allegedly made some defamatory comments in public against Li, in recent months.

Li Xiaolai announced the resignation from his role, on his Weibo account on Monday, July 9. He said he had to take this decision to preserve the name of the government-backed blockchain fund launched a couple of months ago. He said:

“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.”

Last month, Chen openly called Li a “fraud” as well as a “tumor” for the blockchain industry. He later accused Li of collecting 30,000 bitcoin from a group of investors for an investment fund, and then failing to repay them as he had “gambled away the assets”.

Li then tried to give an explanation for each of the accusations, but the feud did not end there. A recording of a private meeting between Li and some other individuals was leaked on social media platforms on July 3, stirring a controversy in the industry.

In the chat, recorded in January, Li made defamatory comments on several individuals and companies within the blockchain industry. He went as far as calling Shuai Chu, Qtum’s co-founder, a “spin doctor”, Binance a “cheating” exchange, and Softbank a “fool” for investing in Ripple.

Last Friday, Li announced on WeChat that he had filed a lawsuit with a local court against Chen, accusing him of defamation.

Later, Chen said on Weibo that he believes this lawsuit to be his chance to call for other “victims” to join him and take on Li in Hangzhou court.

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