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Li Xiaolai resigns as managing partner of $1 million blockchain fund

Published 2 years ago

Li Xiaolai resigns as managing partner of $1 million blockchain fund

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Crypto investor Li Xiaolai has resigned from his position as managing partner of the $1 million Hangzhou Xiong'An Blockchain Fund. This is in the wake of defamatory comments allegedly being made against him by venture capitalist Chen Weixing. "The series of defamations from Chen Weixing against myself has brought material and negative impacts on the reputation of Xiong'An Blockchain Fund", Li said in a statement on his Weibo account.

"To let the Hangzhou government continue its push for blockchain development, I will resign from my role as a managing partner." Back in June, Chen openly described Li as a "fraud" and a "tumor" of the cryptocurrency industry. He later alleged that Li owed a group of investors 30,000 BTC, which he had collected in 2013 for an investment fund but not repaid due to gambling debts.

Later, a tape of a private conversation was leaked, where Li called Qtum's co-founder Shuai Chu a "spin doctor," Binance exchange a "cheating" platform and Softbank a "stupid fool" for investing in Ripple. Li has now filed a lawsuit with a local court in Hangzhou, accusing Chen of defamation. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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