Following a series of alleged blockchain projects associated with his name, Li Xiaolai, a popular Bitcoin mogul and investor has decided to wash his hands off future blockchain projects.
Making an official announcement on China-based social media, Weibo, the Chinese tycoon surprised many with a public declaration expressing his disappointment and dissatisfaction towards the increasingly constant use of his name by fraudulent pretenders in the blockchain industry.
With the purpose of denouncing his name from future projects that might deem it thoughtful to include him as one of their advisors, the Chinese investor warned that he would not be investing in any future projects for the time being.
“From this day on, Li Xiaolai personally will not invest in any projects (whether it is blockchain or early stage),” he said in his post on Weibo, which was subsequently translated into English by TechNode. He continued rather clearly:
“So, if you see ‘Li Xiaolai’ associated with any project (I have been associated with countless projects without my knowledge, 99% is not an exaggeration), just ignore it.”
Li is not the only one involved in the frustrating quagmire as other notable figures in the blockchain industry have given similar cry too, warning concerned parties that they were not in any way, involved with the fraudulent actors.
The fraudulent situations seemed to increase after Bitcoin’s sudden explosion at the beginning of 2017, along with other altcoins. The rise appears to have sparked a series of desperate attempts to gain traction in the industry, as popular names began to find themselves associated with projects that they, in reality, had no link to.
Li plans to leave the crypto space temporarily although he remains unsure for how long he will be gone. He added that he would be taking off some years to muse on a possible career change. He did, however, end on a positive note, reminding people he is still optimistic on the blockchain technology in the long term.