{"id":27534,"date":"2020-08-21T10:11:39","date_gmt":"2020-08-21T07:11:39","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=27534"},"modified":"2025-08-26T21:32:42","modified_gmt":"2025-08-26T18:32:42","slug":"canaan-founder-denies-ties-to-layer1-the-mining-company","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/canaan-founder-denies-ties-to-layer1-the-mining-company\/","title":{"rendered":"Canaan Founder Denies Ties to Layer1, the Mining Company"},"content":{"rendered":"<p>The Layer1 startup, which mines Bitcoin in Texas, identified Canaan Creative founder Liu Xiangfu as part of the company&#8217;s leadership. Xiangfu himself denied any connection with the organization. This was reported by a Twitter industry insider under the handle BTCKING555.<!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">BREAKING: Got tip from Asia that <a href=\"https:\/\/twitter.com\/LAYER1OFFICIAL?ref_src=twsrc%5Etfw\">@Layer1Official<\/a> has been sending around investor prez using Liu Xiangfu credentials\/industry experience as FOUNDING MEMBER and Key Executive, while Xiangfu states he is not involved with Layer One and DID NOT JOIN\ud83e\udd14 <a href=\"https:\/\/twitter.com\/alexanderliegl?ref_src=twsrc%5Etfw\">@Alexanderliegl<\/a> whats going on? <a href=\"https:\/\/t.co\/6r1bfgoRPZ\">pic.twitter.com\/6r1bfgoRPZ<\/a><\/p>\n<p>\u2014 BTCKING555 (@btcking555) <a href=\"https:\/\/twitter.com\/btcking555\/status\/1296473803271352324?ref_src=twsrc%5Etfw\">August 20, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In a Layer1 investor newsletter, Xiangfu is listed as the head of the supply chain, as well as a cofounder of the company. In the attached screenshot of the dialogue, he denies this information.<\/p>\n<blockquote>\n<p>\u201cI spoke with Layer1, but I did not join them,\u201d Xiangfu writes.<\/p>\n<\/blockquote>\n<p>Dovey Wan of Primitive Ventures confirmed the information.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">I was hesitant to spell it out but ya sad it\u2019s true<\/p>\n<p>In Chengdu RN with entire mining community coming for the big annual gathering it has become a joke already <a href=\"https:\/\/t.co\/g3Q92xWCOV\">https:\/\/t.co\/g3Q92xWCOV<\/a><\/p>\n<p>\u2014 Dovey \u4ee5\u5fb7\u670d\u4eba Wan \ud83e\ude90\ud83e\udd96 (@DoveyWan) <a href=\"https:\/\/twitter.com\/DoveyWan\/status\/1296686877097857024?ref_src=twsrc%5Etfw\">August 21, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>BTCKING555 also said that Layer1 may have distorted information about raising $50 million in investments. Late last year it was reported that the company raised that amount from a number of prominent venture capitalists, including PayPal cofounder Peter Thiel.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">On another note we got tip the company never raised the full $50 MLN in Series A round and is scrambling now to raise it via senior debt offering (snapshot below) it appears total raised was far less \ud83e\udd14. Once again can CEO clarify ? <a href=\"https:\/\/t.co\/hgRAT0Zj9E\">pic.twitter.com\/hgRAT0Zj9E<\/a><\/p>\n<p>\u2014 BTCKING555 (@btcking555) <a href=\"https:\/\/twitter.com\/btcking555\/status\/1296475536005505025?ref_src=twsrc%5Etfw\">August 20, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the insider, the company is currently trying to raise the money by taking on debt with a senior repayment priority.<\/p>\n<p>In mid-August Layer1 <a href=\"https:\/\/u1f987.com\/en\/news\/layer1-a-mining-company-accused-of-patent-infringement\">was accused<\/a> of patent infringement for adopting a model for regulating electricity demand.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Layer1 startup, which mines Bitcoin in Texas, identified Canaan Creative founder Liu Xiangfu as part of the company&#8217;s leadership. Xiangfu himself denied any connection with the organization. This was reported by a Twitter industry insider under the handle BTCKING555.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[845,1137,1882],"class_list":["post-27534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-canaan","tag-cryptocurrency-mining","tag-layer-1"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/27534","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=27534"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/27534\/revisions"}],"predecessor-version":[{"id":27535,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/27534\/revisions\/27535"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=27534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=27534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=27534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}