Recently it was reported that "China's richest bitcoin" Li Xiaolai allegedly used illegal tools such as bitcoin to raise money in an unjust manner. It was arrested by police in Beijing and involved up to 2 billion yuan.
In response, Li Xiaolai responded in a personal Weibo today saying "a rumor has disturbed all my relatives and friends. It is the second time I feel it."
Public information shows that Li Xiaolai was originally a New Oriental English teacher, claiming to be "the richest man in Chinese bitcoin," an educational bestseller and an angel investor.
In 2013, Li Xiaolai founded the bitcoin fund, which involves angel investments in the Internet and bitcoin-related fields, and invests in the "blockcoin network" of blockchain asset trading platforms.
Last September, seven ministries and commissions such as the People's Bank of China released a public notice on the prevention of the financing risk of tokens issuance.
As mentioned in the announcement, a large number of domestic activities of financing by means of issuing tokens, including the first tokens issuance (ICO), have emerged in large numbers. Speculation and speculation prevails. They are suspected of engaging in illegal financial activities and seriously disturbing the economic and financial order. Illegal tokens issue financing activities was officially stopped.
The central bank and other seven ministries and commissions require that all types of tokens issue financing activities be stopped immediately. Organizations and individuals that have completed the financing of tokens issuance should make arrangements for such as deferring retirement, reasonably protect investors' rights and interests and properly handle risks. Relevant departments will be severely punished according to law refused to stop the issuance of tokens financing activities and the completion of the financing of tokens issuance of illegal activities.
Subsequently, on September 15, 2017, the announcement of the cloud currency network announced that it will permanently close all varieties trading functions on September 20 and suspend all blockchain asset recharging functions from September 18 onwards.
Li Xiaolai also released a message in September 2017 that he said he decided to go offline and sell all the blockchain assets that have been issued using the ICO method after careful deliberation. He said the company is fully committed to its duties and is actively cooperating with the regulatory authorities.
Li Xiaolai said that blockchain practitioners should further abide by the law and must operate in compliance with laws and regulations; it is suggested that the industry establish a self-regulatory convention and implement it earnestly and actively; and suggest that relevant departments draw on international experience to bring financial technology into the regulatory sandbox. However, for the trust of Li Xiao-lai, public opinion has always been controversial. The microblogging Lee laugh, but also has long been set to "unable to reply to comments."