The First Sue Case between Two Chinese Bitcoin Big Players

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Li Xiaolai, a man described by South China Moring Post as “China’s most high profile bitcoin tycoon” has been involved in a sue case, shortly after he announced that personally will not invest in blockchain projects in the future.

In October 11, 2018, Li Xiaolai, the richest Chinese bitcoin tycoon sued Chen Weixing, for misusing the internet to infringe on reputation disputes, the trial will be heard at Hangzhou Court of Internet.The First Sue Case between Two Chinese Bitcoin Big Players

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

In this trial case, Li was the plaintiff and Chen was the defendant. On the court day, neither Li or Chen has shown up and only the agents of both parties participated in the trial. The agents of the two sides gave evidence and rebutted on multiple rounds in the trial.

In the end, Li Xiaolai did not agree to mediation. The judges in this case said that due to the large social impact of the case, the verdict will carefully concerned and be delivered on the other day, but the specific time hasn’t been set yet.

Chen said on Weibo that in order to promote the credit construction of the blockchain industry, he would ask the lawyers to apply to the court to make the trial process public.

The conflict between Li and Chen started this June. Chen questioned EOS project and called it an “aircoin” in his WeChat moment on June 6. As an EOS bull, Li disagreed with Chen’s comment and the war of words started.

Chen disclosed the breaking news that Li has raised 30,000 BTC during June to September in 2013, and the repayment date is in last September. However, Li didn’t pay the interviews back with the BTC he promised and asked for one-year postponing. In addition, Chen also criticized Li about involving in gambling activities.

Chen indicated that Li is a cheater, a fake bitcoin tycoon. Shortly after, Li launched an announcement to claimed that Chen was spreading the false information and he has handed over the case to his lawyer.

On July 4th, a leaked 50-minute recording of him going off some of the most well-known players in China’s crypto community and giving tips on how to “cut leeks” — a reference to new investors entering the market and get ‘harvested’ by big players.

Full of foul words, the recording astonished the crypto community and makes Li infamous and Chen wrote an article to expose Li’s “deception”.

As a respond to Chen’s criticism, Li informed that he has brought a lawsuit against Chen. 8BTC will keep flowing the sue case and report the financial verdict later on.

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