The founder of BitFund, Li Xiaolai, has seemingly turned his back on the crypto world after announcing that he will no longer be investing in blockchain projects ahead of a career change.
The announcement, reported by TechNode, does not give any solid reasons for the move, though Li Xiaolai does warn others not to trust any new or upcoming projects that use his name for publicity.
He wrote: “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 per cent 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.”
Xiaolai is one of the most prominent Bitcoin holders in China, but controversy has followed him around for the last few months. He recently left his role as managing partner of the $1 billion Hangzhou Xiong’An Blockchain Fund.
Nevertheless, his exit from the crypto community will likely be greeted with shock by many.
He is also smart to warn his followers to be vigilant when seeing his name attached to projects, as many prominant names in crypto have seen their profile exploited to trick the public into investing in phony ICOs and other schemes.