The founder of Jibit is temporarily out of contact. LTG plummets 80%. The mining farm enters the "circle" road

Wu Blockchain learned from multiple channels that Lei Taiguo, the founder of Jibit, was reported and temporarily lost contact, and was suspected to be under police investigation.

The mining circle is quite familiar with Lei Taiguo. An old veteran in the industry lamented: "He is a good person, but he has gone astray."

According to Wu Blockchain, Lei Taiguo has three major businesses, namely the cloud computing power sales platform Gigabit, the coin issuance LTG (Latiao Ge, which is also the three initials of Lei Taiguo's name), and the exchange CHANGE COIN (coin exchange).

Jibit claims that it has 4 mining farms in Sichuan, 3 in Xinjiang, 3 in Inner Mongolia, and 11 in Kyrgyzstan.

LTG promotes itself as the most popular storage coin, combining cloud computing and artificial intelligence technology, and is compatible with IPFS/Filecoin smart hard disk mining protocols. LTG suddenly plummeted 80% from June 30, coinciding with the time when it was suspected to be out of contact.

Change Coin claims to be headquartered in the United States and "authorized and approved by the U.S. government" and has received strategic investment and industry support from LTG Foundation, Gigabit Foundation, F2Pool, Bitmain, AntPool, and Huobi Pool.

People familiar with the matter revealed that in the early days, Gigabit did own several mining farms and several containers in Kyrgyzstan. It may have purchased machines from Bitmain and mined on F2Pool, AntPool, and HuobiPool. Therefore, they were listed as so-called partners, not completely idle cloud computing power or Ponzi schemes.

Jibit often claims that it has a particularly good relationship with the President of Kyrgyzstan , but due to internal political changes in Kyrgyzstan in 2019, problems with the power supply were suspected to have occurred, and the mine was closed, so it went further and further on the road of "funding".

However, after issuing LTG, Gigabit cancelled the BTC-based deposit leasing and changed to LTG leasing mining machines, and used LTG to settle the income of cloud computing power and compensate the pledged coins of BTC mining machines for the return of leasing. Currently, LTG is mainly traded on the second-tier exchange biki, accounting for 74%. Biki previously jointly promoted with LTG and launched a large number of tokens suspected of being capital plates.

The use of LTG to settle profits has caused dissatisfaction among many original investors. In May, Gigabit announced that it would suspend the leasing of BTC mining machines. Due to the recent sudden loss of contact, LTG has plummeted. If the price is not pulled up in time, it may cause a large number of investors to defend their rights.

Although Lei Taifu claimed that LTG is a US public chain project, according to Tianyancha, his main workplace is Bengbu City, Anhui Province. He owns three companies, namely Anhui Huibit Network Technology Co., Ltd., Shanghai Bohuangyun Technology Co., Ltd. and Bengbu Zhongzhao Food Co., Ltd. According to the Ponzi Ranking, this investigation was an action by the police in Beijing and Bengbu.

On June 10, Lei Taifu was a guest in the Golden Finance live broadcast room, announcing the CoinDui exchange and another coin to be issued, namely the CoinDui platform coin BD. This news could not be found on the Golden Finance official website, but there was indeed a related live broadcast.