According to Foresight News via COINOTAG, MoreThread—touted as the ‘First Domestic GPU Stock’—rose almost 470% on its Sci‑Tech Innovation Board debut, signaling strong demand for high‑performance chips. Market chatter cited a valuation above 3 trillion yuan and a post‑IPO net profit of 267,000 yuan, with investors such as Tencent and ByteDance reportedly achieving multi‑fold gains.
Behind the frenzy, Li Feng’s crypto‑circle history reappears. In 2017, he and Li Xiaolai launched the controversial ‘Malgo Coin (MGD)’, backed by an inflated whitepaper and a largely fictional team. The project raised roughly 5,000 ETH before being renamed Camel Coin amid regulatory sensitivity.
In 2018, OKEx founder Star alleged Li Feng borrowed 1,500 BTC and did not repay, effectively going missing as BTC surged. Star pursued China‑ and U.S.‑based legal actions, but asset‑definition hurdles thwarted recovery. He notes a renewed loan under Hu Zhibin and a subsequent default that led him to publicize his decision not to return the coins.
Source: https://en.coinotag.com/breakingnews/malgo-coin-mgd-controversy-resurfaces-as-morethread-surges-470-on-debut-highlighting-li-fengs-crypto-past
