Bitcoin Evangelist Li Xiaolai Resigns from $1B Government-Backed Blockchain Fund

One of China’s most prominent cryptocurrency investors and Bitcoin advocates, Li Xiaolai, has resigned from the Hangzhou Xiong’An Blockchain Innovation Fund, giving up his position as managing partner of the USD 1 billion Chinese startup.

The resignation comes after venture capitalist Chen Weixing publicly began making hostile comments toward Li. Branding the investor as a “fraud” and a “tumor” of the industry, he went on to accuse Li of owing BTC 30,000 to a group of investors, dating back to 2013. According to Chen, this was not repaid as Li had “gambled” the funding away.

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