Earlier, a reporter from the meta-universe NEWS reported that "the founder of the post-90s Jingle Lake Capital was sued by his Alma mater foundation for uncashed donation of 11 million yuan".
On the evening of March 14th, Wu You, the party concerned, responded to the reason why "the donation of 11 million yuan has not been cashed in", saying that because the bitcoin contract was out of stock, the digital assets were almost zero, and then the project invested by his fund was unable to exit due to liquidity crisis, and finally there was no money to perform the contract.
It lost money on bitcoin contracts
"My bitcoin contracts blew up, I lost a lot of money, and my digital assets went almost to zero. At the same time, in the years following the decision to donate, the overall business conditions of the real and capital industries declined, and the equity projects invested by Jinghu Fund had a serious liquidity crisis and could not be withdrawn." Wu posted on social media.
According to Wu You, he has deep feelings for China University of Mining and Technology. By chance, he was introduced to a member of the China University of Mining and Technology Education Foundation by an alumnus.
China University of Mining and Technology celebrated its 110th anniversary on June 1, 2019. At that time, Wu You's business was developing well, and the school hoped that he could "give some support and feedback to the school".
Wu You said that the foundation was the first to ask whether it could "make a donation of 50 million yuan over 10 years". But he thought the amount was too large and coincided with the 110th anniversary of the school, so he proposed the figure of 11 million yuan.
According to Wu You, he initially offered to donate 11 million yuan worth of bitcoin to his Alma mater, but the university said it could not accept Bitcoin and digital currency could not be used as a standard for quantifying donations. So Wu You decided to donate 11 million yuan to the school and signed an agreement on the eve of the school's celebration.
However, Wu said his Bitcoin holdings exploded within a short time after the agreement was signed, and his digital assets were almost zero. At the same time, there was a serious liquidity crisis in the projects invested by his fund, which made it difficult for him to withdraw, and he personally got into great difficulties.
Wu You previously revealed in an interview that he was a firm believer in bitcoin and began to accumulate coins in 2014. At the end of 2016, he began to invest in blockchain projects, including ICO. At his peak, he made 10,000 bitcoins and had 60,000 mining machines in Xinjiang.
"The mining machine itself is a kind of Bitcoin, investing in mining, which is interesting. My own assets, aside from those in the LP pool, are mostly in bitcoin or mining machines. Mining machine can not sell, resolutely not sell, to how much money do not sell. This thing is going to be unbelievable." Wu You said at that time.
When Wu You gave a speech at his Alma mater in 2019, he said in public: "I may be the only person in the global blockchain field with more than 10 years of mining experience. In 2008, I enrolled in the mineral processing major and majored in coal mining."
He said he was trying to get his $11 million donation in place
After being unable to fulfill the pledge, Wu said she proposed a solution to the school in mid-2021 by donating 46 percent of the proceeds from the Jinghu fund manager to the school. However, the school said that it could not or was unwilling to receive the proceeds of the fund and hoped to donate in the form of RMB. The communication between the two sides was in trouble.
After that, China University of Mining and Technology launched a lawsuit through the courts.
The reporter of the Universe NEWS learned from the China Court Open website that on the morning of August 9, 2022, the Tongshan District People's Court of Xuzhou City publicly broadcasted the case of the contract dispute between the Education Development Foundation of China University of Mining and Technology and Wu Youzhi.
A lawyer entrusted by the plaintiff China University of Mining and Technology Education Development Foundation said in the court statement: The defendant Wu You proved in the court hearing that although she has met certain economic difficulties, she is actually capable of performing the contract given the current state of her career development and the size of the fund under management. After receiving the donation, if the school takes action to protect its rights against the behavior of refusing to actually perform the agreement, from itself, it is an indulgence to the dishonest behavior, and it cannot explain to the higher education authorities about the performance of the contract. Therefore, the school has no choice but to file this lawsuit.
Wu You has been listed as a person subject to enforcement for trust-breaking and restricted consumption, according to the China Executive Information Disclosure Network. The enforcement court is the Tongshan District People's Court of Xuzhou, Jiangsu Province, which registered the case on January 3, 2023.
According to the website, defendant Wu You should pay 2 million yuan to the Education Development Foundation of China University of Mining and Technology by October 20, 2022, and the remaining 9 million yuan by December 31, 2022. However, Wu You's performance is not fully performed, and the specific behavior of the person subject to enforcement for trust-breaking is that he has the ability to perform and refuses to perform the obligations determined by effective legal documents.
In 2021, Wu You was also judged by the People's Court of Changping District of Beijing to be subject to enforcement for breach of trust because she refused to implement the settlement agreement without justifiable reasons, according to the China Executive Information Disclosure website.
Wu apologized on social media to his school, alumni and the public, as well as his family and peers, who were affected by the donation.
"Although I am now facing great difficulties, I assure you here that I will unswervingly fulfill my responsibility and try my best to put the 11 million yuan donation into place," he said.
Metauniverse NEWS reporters called the China University of Mining and Technology Foundation, the phone has not been through.
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