Li Xiaolai will adopt a non-interventionist approach for future blockchain projects, announced on Sunday, September 30 on social networks.
In an approach that seemed to surprise many, Li, known as one of Bitcoin's biggest holders and investors in China, seemed dissatisfied with the fraudulent actors in the crypto-industry who claimed he was part of their companies.
"From today, Li Xiaolai personally will not invest in any project (either in blockchain or in an initial phase)," he says in the Chinese social network Weibo, translated by the Chinese technology magazine TechNode:
"So, if you see" Lixiaolai "associated with any project (I've been associated with countless projects without my knowledge, 99% is not an exaggeration), just ignore it."
It is likely that Li referred to similar situations that have led to other figures in the cryptocurrency industry issuing warnings about these fraudulent actors. Since the beginning of the explosion of the Initial Coin Offer (ICO) in 2017 in particular, several well-known names have complained that their names appear on lists of "advisors" for blockchain projects, when in reality they had no connection.
Continuing, Li seemed uncertain, implying that he wanted to withdraw from cryptospace completely, but temporarily.
"I plan to spend several years contemplating my career change, as for what I'm going to do now, I'm still not sure," the post says. He concluded it positively, writing: "I am still optimistic about blockchain in the long term."
Both the ICO and the use of cryptocurrencies in China are still banned today, although Li advocated the legislative reorganization of the government when it was first announced last September.