A secret recording of a Chinese crypto billionaire apparently slamming many top cryptocurrencies has come to light – including comments trashing several of the top players in the space.
Surfacing on Chinese social media yesterday, the recording claims to feature venture capitalist Li Xiaolai disparaging several big crypto projects as “cheaters” and “scams,” as well as savaging Binance founder and CEO Zhao Changpeng.
Xioalai founded BitFund in 2013 and as well as investing personally in a plethora of crypto projects, has seen his crypto VC firm grow to become one of the largest in the industry – putting his net worth at over $3.5bn.
The fifty minute recording includes the following comments about projects and industry leaders (translation taken from asiacryptotoday):
Laomao [former COO of Yunbi and co-founder of INBlockchain] used to be a small-potato, it is me who helped him to be a big wheel in the crypto field..
… Qtum issued by Patrick Shuai (Shuai Chu) is a Garbage coin, it was me who helped him to promote Qtum for 6 months. Because his scamming method is very simple – If he decided to develop a DAPP first, I should have asked him to go out until you brought the finished product to me.
….The founder of a blockchain should be at least an instant online celebrity, fan flow is the main competition, the rest of the factors are all BS. As long as they believe in you, there will be a common consensus and what you need to do is just continue cheating them.
…NEO is also a stupid project, worthless; if you were Wang Lijie [a famous angel investor in China] you would have sold them at 1.5 RMB. But why did its price went up so high? Just because some big venture capital participated in it and hyped its price. Even Da Hongfei [CEO of Onchain Capital] himself is holding very little NEO…
…There is a scamming exchange called binance and there is a scammer called Justin Sun [Founder of TRON], you cant lag behind them, so you have to work harder and faster.
….CZ [Changpeng Zhao – Founder of Binance] is not a good guy, he used to have a conflict with Xu MingXing [founder of OKEX]. He knows very little about technical issues. Binance succeeded because all the crypto exchanges had to shut down on September 4th due to the crypto ban policy in China, but he insisted on keeping Binance opening as usual..
Acknowledging the comments on Chinese social media site Weibo, however, Xiaolai seemed to regret the phrasing rather than the content of his sentiments:
Very embarrassing. I swear a lot when speaking privately. I also like studying how to curse in various languages…. I’d like to avoid those dirty words in public speaking, but in private, I don’t have to bother to please others