First lawsuit between two of China's wealthiest Bitcoin holders

12 Oct, 2018
by Richard Allen
First lawsuit between two of China's wealthiest Bitcoin holders

Li Xiaolai, one of China’s biggest Bitcoin holders and the man who recently announced he will no longer be investing in any more blockchain projects, has made headlines again for his involvement in a lawsuit, 8BTC reported.

Recap: China's biggest Bitcoin whale announces his departure from the crypto sphere

Xiaolai has sued venture capitalist Chen Weixing on October 11 for allegedly misusing the internet to infringe on reputation disputes. Xiaolai and Weixing have been in a feud for some time. Xiaolai stepped down as the managing director of the $1 billion Xiong’An Blockchain Fund after, among other things, Weixing referred to him as a “tumor” on China’s cryptocurrency industry.

Chen Weixing is the founder and CEO of Kuaidi Dache, a Chinese taxi-hailing app. He’s also working on an “Uber on the blockchain” project named Dache Chain.

On the day of the trial, neither Weixing nor Xiaolai showed up, instead, representatives of each party participated. The trial concluded with Xiaolai refusing mediation. The judges said that the large social impact of the case means that the verdict will need to be carefully considered and will be delivered soon, but didn’t give a specific date.

On July 4, a 50-minute recording of Xiaolai was leaked, in which he described to some of China’s most influential players in the crypto community how to “cut leeks” – a reference to new investors entering the markets and being ‘harvested’ by big players.

Weixing wrote an article to expose Xiaolai’s “deception.”

The lawsuit is in response t0 Weixing’s criticism.

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