Moore Threads Co-Founder Accused of Token Issuance, 1,500 BTC Dispute

Moore Threads launched on China’s STAR Market at 650 yuan per share, marking a 468.78% rise from its IPO price and pushing its market valuation past 300 billion yuan. Despite reported cumulative losses of 59.39 billion yuan between 2022 and 2025, early investors such as Tencent realized gains exceeding 35 times their initial investments. The IPO reignited scrutiny of co-founder Li Feng’s past controversies, including unresolved allegations over the failure to return 1,500 BTC from agreements made in 2014 and renewed in 2017, as well as prior token issuance claims. Star previously stated the BTC dispute would be resolved through legal channels.