On June 9, Chen Weixing made a lot of complaints in a WeChat post targetting Li Xiaolai, a successful Chinese cryptocurrency investor and an early bitcoin evangelist in the country.
Chen claimed in his post that Li had gathered a fund of 30,000 bitcoins in 2013 that was to mature in September 2017, and yet Li moved the deadline to September of this year.
The reason behind Chen’s claim was that Li spent all the raised bitcoins on Just-Dice, a bitcoin gambling site.
“Everyone who’s been in blockchain industry long enough knows this. I’m not lying,” according to what Chen wrote.
Without any proof for Chen’s accusation of a 30,000 BTC debt, which is worth approximately $200 million, caused an immediate discussion in the Chinese crypto community.
As the allegation goes on, Li said that Chen’s responsibility was to present evidence to prove what he is claiming to be true.
Chen continued to publish up to 11 more allegations against Li, which also blamed him of luring retail investors during the bull market in order to liquidate his profits. In response, Li published an article denying his involvement in all of Chen’s accusations.
“Once again, it’s not true. The fund was a private equity ‘equivalent to 20 million yuan ($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,” Li wrote to defend his side regarding the 30,000 BTC debt claim.