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A loan from 2014 has now become a nearly 1 billion RMB unresolved case.
Back then, Xu Mingxing lent 1,500 Bitcoins to Li Feng, and the debt remains unsettled to this day. At current prices, these coins are worth $135 million—what was likely a casual favor between friends in the circle ten years ago has now become a sky-high asset in real monetary terms.
What’s even more surreal is the current status of the debtor: Li Feng is now a co-founder of Moore Threads, a company listed on the A-share market. Its IPO price was 114 RMB per share, and it soared to 688 RMB on the first day of trading. The company’s total market value now stands steady at 285 billion RMB. Despite running such a massive business, he still owes a decade-old crypto debt.
Bitcoin has risen from a niche toy back then to a hard currency today, and the nature of this old debt has completely changed. The whole crypto community is watching: how will these 1,500 Bitcoins ultimately be settled?