Don’t look to Li Xiaolai, the founder of Beijing-based venture capital firm BitFund and a billionaire bitcoin (BTC) investor, to back your blockchain project or initial coin offering. Those days are over.
CoinDesk reported he told China’s social media platform Weibo:
“From this day on, Li Xiaolai personally will 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 percent 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.”
What sparked this change of heart? CoinDesk said the dramatic decline in cryptocurrency values might be a reason for him to avoid ICOs. However, the crackdown on ICOs by the Chinese government and a significant increase in the number of scams in the blockchain market were more likely factors. Read more here.