China has banned cryptocurrencies, but there are people who are still handling them. The Chinese tycoon and investor Li Xiaolai has been investing major sums in bitcoin. However, now, he turned his attention to the blockchain-based projects.
Li is one of the biggest bitcoin holders in China, and he has claimed recently, that he is highly unhappy with some blockchain-based startups and offerings that claim he is participating. He claimed, that from now on, he will not invest in a single project in blockchain, doesn’t matter whether the project is already established or it is a startup.
Li stated, that other important figures have made the same statements, because many people are claimed to be investing in projects they have never heard of. This all started since ICOs began, and in most cases, the people mentioned there have never even heard of the ICOs.