Current Pine AI Chief Scientist Li Bojie (once honored as Huawei "Genius Youth") stated on X on July 7, responding to ABCDE Capital partner Du Jun's accusations of "taking money and running, maliciously cutting off contact, and lacking contract spirit." Li claimed that under a $1.5 million investment agreement, ABCDE Capital only remitted $500,000, but the company's cap table recorded equity based on the full $1.5 million.
Du Jun's Accusations vs. Li Bojie's Counterattack: Core Dispute Comparison
Based on public statements from both sides on social platforms, here are the three core points of contention:
Investment funds and equity: Du Jun accused Li Bojie of "taking the money" and causing project failure; Li Bojie stated that only $500,000 was received under the $1.5 million agreement, but ABCDE Capital's equity share in the cap table accounts for the full $1.5 million.
Information sharing and communication: Du Jun accused Li of refusing to fulfill obligations to sync business and financial progress, and intentionally losing contact; Li Bojie claimed that until his resignation, he continuously fulfilled his CTO duties by regularly disclosing the cap table and business status.
Resignation process and non-compete: Du Jun accused Li of "abandoning the project and lacking contract spirit"; Li Bojie stated that he resigned with board approval in October 2024, and his subsequent startup ventures strictly avoided areas covered by the non-compete clause.
Resignation Approved by Board in October 2024: Family Reasons in Mainland China and Web3 Non-Compliance as Main Causes
According to Li Bojie's statement on X, he submitted a resignation application in October 2024, which was approved by Metagent's board. The two main reasons for resignation were:
First, personal family reasons prevented him from leaving mainland China;
Second, under the regulatory environment in mainland China at the time, "Web3 projects are non-compliant."
Li Bojie emphasized that the resignation process was entirely legal and not a "runaway" or "cutting off contact." Additionally, he strictly adhered to the non-compete clause in the contract, deliberately avoiding areas directly competing with Metagent—such as Web3, AI infrastructure, and image generation—in subsequent entrepreneurial projects like Pine AI.
Industry Reaction: Spotlight on Web3 VC Phenomenon of "Promised Funding in Arrears, Equity Fully Booked"
According to reports, after Li Bojie's statement, the industry's discussion shifted. Multiple industry insiders pointed out that the situation of "investors promising funding but paying in installments with arrears, while equity is fully booked in the cap table upfront" is not unique in the Web3 VC circle.
One community user commented: "Since the investment funds were never fully received, how can the investor claim the other party took the money and ran?" As of this report, Du Jun and ABCDE Capital have not made further public responses to Li Bojie's specific rebuttals.
Frequently Asked Questions
What is the core dispute between Li Bojie and ABCDE Capital?
According to Li Bojie's public statement on X on July 7, under a $1.5 million investment agreement, ABCDE Capital only actually remitted $500,000, with the remaining $1 million never received. However, ABCDE Capital's equity share in the company's cap table was recorded based on the full $1.5 million; the funding gap led to difficulties in company hiring and R&D.
How does Li Bojie explain his resignation from Metagent?
According to Li Bojie's statement, he resigned in October 2024 due to personal family reasons preventing him from leaving mainland China, and because Web3 projects were non-compliant in mainland China under the regulatory environment at the time. His resignation was approved by Metagent's board, and he strictly adhered to the non-compete clause.
What are Du Jun's main accusations against Li Bojie?
According to Du Jun's previous public statements, he accused Li Bojie of refusing to fulfill obligations to sync business and financial progress after receiving investment from ABCDE Capital, and maliciously cutting off contact. He stated, "VCs can accept project failure, but they absolutely cannot accept the fraudulent behavior of taking money and running."
