Li Xiaolai Wants To Leave Blockchain

Dawid Paluch
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China’s Bitcoin Mogul Li Xiaolai will withdraw from any blockchain investments. Shocking news came from his SM account. Cryptocurrency world is full of frauds, according to Xiaolai. He’s uncertain, what future holds for him.

Xiaolai is a capitalist from Beijing. He jumped in blockchain technology in 2013, when he founded BitFund. Today his firm is one of the most significant and influential companies in the Chinese cryptocurrency world. However, he is done with this industry. At least, that’s what he said.

Xiaolai said: enough

“So, if you see ‘Li Xiaolai’ associated with any project (I have been associated with countless projects without my knowledge, 99% is not an exaggeration), just ignore it. From the start, people used blockchain as a tool to manipulate, to lie. Enough!” 

That’s his quote from the post on Weibo, a Chinese social media network. He also says, that from now on, he won’t make any investments in the blockchain, or new projects.

Trouble in the past

He complained about being mixed up in everything. He claims, that his name was used by people in almost every blockchain fraud. Whenever someone wanted to sell a concept of new cryptocurrency, his name had to come up.

In July, he was secretly recorded. On this tape, he outed many scammers from industry. He bashed some of best-known figures in China’s blockchain, including Justin Sun from Binance, QTUM’s founder Patrick Shuai and Wang Lije from NEO. Li was not aware of being recorded.

Cloudy future

According to his twitter account, he’s keeping in touch with everything, that happens in cryptocurrency.

Xiaolai doesn’t know, what he will be doing now. He has no plans and wants to spend a few years thinking about the next stage in his life. He finished his post with the promising quote:  

I’m still optimistic about blockchain in the long term.”

Cryptocurrency in China is forbidden. Initial Coin Offering (ICO) is illegal, but Li was always for making changes in the law.

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