OKX CEO’s 1,500 BTC Debt from Moore Threads Co-Founder Resurfaces Amidst IPO Frenzy
Chinese GPU manufacturer Moore Threads experienced a meteoric rise on its Shanghai Stock Exchange debut on December 9, 2025, with shares skyrocketing 470% to achieve a staggering $39.9 billion valuation. However, the celebratory atmosphere was swiftly eclipsed by resurfacing cryptocurrency-related controversy. Allegations have re-emerged on social media platforms claiming that the company's co-founder, Li Feng, owes a substantial debt of 1,500 Bitcoin (BTC) to Star Xu, the CEO of the major cryptocurrency exchange OKX. This debt is reportedly linked to Feng's involvement in the 2017 Initial Coin Offering (ICO) for Malego Coin, a project that successfully raised 5,000 Ethereum (ETH) just prior to China's comprehensive crackdown on cryptocurrency activities. The timing of these renewed allegations, juxtaposed against the backdrop of a massively successful traditional market IPO, highlights the enduring and complex intersections between legacy tech finance and the crypto ecosystem. For a professional observer with a bullish stance on digital assets, this incident underscores the persistent narrative threads and historical financial entanglements that continue to surface as companies and individuals navigate both regulated public markets and the decentralized finance landscape. The case serves as a potent reminder of the significant, often unresolved, capital flows and obligations originating from the early, less-regulated era of cryptocurrency ventures, which can resurface to impact contemporary corporate milestones and valuations.
Moore Threads' IPO Success Overshadowed by Crypto Debt Controversy
Shares of Chinese GPU manufacturer Moore Threads surged 470% on its Shanghai Stock Exchange debut, reaching a valuation of $39.9 billion. The celebration was short-lived as social media resurfaced allegations that co-founder Li Feng owes OKX CEO Star Xu 1,500 BTC from a decade-old debt.
The dispute traces back to Feng's involvement in Malego Coin's 2017 ICO, which raised 5,000 ETH before China's crypto crackdown. Xu adopted a conciliatory tone on X, suggesting legal resolution while urging focus on the future. The incident highlights how crypto's unregulated past continues to haunt mainstream financial success stories.
Mantra CEO Warns Users to Withdraw OM Tokens from OKX Amid Migration Dispute
Tensions between MANTRA and OKX have reached a boiling point as CEO John Patrick Mullin accuses the exchange of disseminating "incorrect and misleading" information regarding OM token migration. In a public statement on X, Mullin urged users to immediately withdraw OM tokens from OKX and complete migration through official Mantra channels.
The dispute centers on OKX's December 5 announcement claiming support for OM migration with proposed dates of December 22-25, 2025. Mantra asserts these timelines contradict official governance proposals, raising concerns about potential user disruptions. The exchange had outlined plans to delist OM spot pairs, suspend deposits/withdrawals, and process conversions at a 1:4 ratio.
This public clash highlights the risks of centralized exchanges managing token migrations, particularly when communication protocols between projects and platforms break down. OM holders now face operational uncertainty during what should be a routine technical transition.
