Chinese Bitcoin billionaire bids farewell to the crypto industry 24335
News
Pinaz Kazi
Oct 1, 2018 at 4:49 PM

Chinese Bitcoin billionaire Li Xiaoli unexpectedly announced his exit from the crypto industry, shocking the entire community. He was one of the most well-known personalities in the cryptosphere and was one of the largest Bitcoin holders in China.

Xiaoli is the founder of BitFund, a Beijing-based venture capital fund that focuses on cryptocurrency and blockchain projects. He announced his exit from the crypto world by posting on Weibo – a popular social media platform in China.

As translated by TechNode, Xiaoli wrote, “From this day on, I, Li Xiaolai, will personally not invest in any projects (whether it is blockchain or early stage). 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.”

“I plan to spend several years to contemplate on my career change. As for what I’m doing next, I’m not sure just yet,” he added.

After his long stay in the cryptoverse, his sudden departure was shocking. "Li Xiaolai’s value has been seriously underrated," a crypto user stated.

While some are supportive, a few are left wondering why he took such a step. However, it is to be noted that earlier this year, Li was apparently forced to step down from his role of managing partner at Hangzhou Xiong’An Blockchain Fund. This came after a series of accusations were made against him.

Soon after, Li was caught up in another controversy after a 50-minute recording of him got leaked. The recording featured Li going off on some of the most well-known players in the cryptoverse including NEO, TRON, Ripple, and Binance. He reportedly called NEO “stupid and worthless,” Binance “fraudulent,” and TRON founder Justin Sun a “scammer,” among many others.

See also:

Have the technologies used by Ethereum and Bitcoin reached a dead-end? Cardano co-founder Charles Hoskinson explains

Ethereum will be of a very different architecture in 10 years: Joseph Lubin

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