Liu Genghong is reported to owe old debts in Taiwan! He once profited 300 million NTD by heavily leveraging Jay Chou's "Phanta Bear NFT".

Fitness celebrity Liu Genghong has cooperated with his friend Jay Chou for many businesses, and although he briefly became rich by issuing Jay Bear NFTs, he has not been able to get rid of a nine-year-old outstanding debt in Taiwan, and the financial situation behind it has attracted attention. (Synopsis: 10,000-word long article FUD) Why is the "consensus price" of NFT empty talk? (Background supplement: Jay Chou's scalper ticket soared over 130,000 yuan!) Is blockchain gas war fairer than centralized ticket purchase? Soul binding anti-resale ) In recent years, artist Liu Genghong has rapidly risen to become a "fitness king" with wide influence by virtue of his live broadcast fitness boom in mainland China, and has gained considerable traffic and wealth. But under its dazzling Internet halo, an old Taiwanese debt that has been outstanding for nine years has now been exposed by Mirror Weekly. What is powerful is that Liu Genghong has keenly grasped the boom of NFT (Non-Fungible Token), and his Phanta Bear NFT (Jaylen Bear) has attracted hundreds of millions of NT$ in a short period of time, but this windfall does not seem to have helped it completely solve its former financial baggage. This series of events has made Liu Genghong's side business ups and downs and his real financial situation before the popularity of live streaming once again become the focus of public scrutiny. Got rich with NFTs, but owed old debts in Taiwan Although Liu Genghong's fitness live broadcast business on the other side has reached a peak in recent years, once setting an astonishing record of more than 100 million yuan in live streaming in a single month, his network popularity and ability to attract money can be called incomparable. But his controversy ensued. Recently, he has not only faced the challenge of the number of live streaming fans plummeting by more than one million, but also repeatedly accused of being arrogant during the live broadcast. Prior to this, Liu Genghong launched a limited edition of 10,000 Phanta Bear NFTs on New Year's Day 2022 through the cooperation of his friend Jay Chou's trendy brand PHANTACi. As soon as this project was launched, due to Jay Chou's popularity, it is estimated that it will bring up to 10 million US dollars (about NT$300 million) in revenue for the team in a short period of time, and the market price has soared to a sky-high price of about NT$900,000 per NFT. However, this NFT boom lasted less than two weeks, and its price plummeted like an avalanche to about NT$10,000 each, causing an uproar in the market. The current floor price of Jaylen Bear is 0.03 ETH, which is about 80 US dollars, which is about NT$2400. Jay Chou's brokerage company Jewell immediately issued a statement, emphasizing that Jay Chou himself did not participate in any planning or profit from the NFT, and quickly cut with the project. $7 million in arrears delayed for nine years According to Mirror Weekly, the source of this old debt can be traced back to 2013 and 2014, when Liu Genghong and his business partner Wang Shijun (the ex-husband of artist Hong Xiaolei) jointly ran the "Misterjie" catering company. Due to the company's operating capital turnover needs, they borrowed NT$7 million from stock market investor Shi Jinsheng (nicknamed "Risheng Xiaoshi"). It is reported that Shi Jinsheng has a good personal relationship with Wang Shijun's ex-wife Hong Xiaolei, and this relationship may be the reason why he is willing to contribute. Liu Genghong and Wang Shijun promised to repay the loan in instalments in October 2013 and October 2014, and issued cheques for it. However, none of these checks were cashed and all bounced. Although the two parties later reached an agreement to repay 70,000 yuan per month from the 7th of a certain month, in 100 installments, Liu Genghong and Wang Shi have never been able to fulfill this repayment agreement. Unable to bear it, Shi Jinsheng appealed to the court at the end of 2014 for a payment order, and finally won the court judgment in September 2022. The court ruled that Liu Genghong should repay the principal amount of $7 million and pay interest at an annual interest rate of 5% from August 24, 2022. The verdict also brought this long-forgotten account back to the surface and made it public. Looking back at Liu Genghong's career development trajectory before he became popular with fitness live streaming in China, his side business in Taiwan can be said to be "very twists and turns". In addition to the "Mister Jie" catering company, which is the source of this loan dispute, Liu Genghong has tried to cooperate with his friend Jay Chou more times, hoping to expand his business territory with the help of Jay Chou's superstar halo. The most striking thing is the "Rooftop Canteen" he co-created with Jay Chou, the name of which is taken from the movie of the same name directed by Jay Chou, which attracted a lot of media coverage and fan attention at the beginning of its opening. But the good times did not last long, Jay Chou first announced his withdrawal from the operation in April 2014 on the grounds of his mother Ye Huimei's opposition, Liu Genghong also left the team in July of the same year, and the "rooftop canteen" finally closed in August 2015. Liu Genghong's repeated failures in side business operations, as well as the mode in which his cooperation projects with Jay Chou mostly ended in cutting or ending without problems, also made the outside world doubt that his "rubbing halo" has never subsided. As early as 2018, the media disclosed that Liu Genghong's real estate applied for a three-child loan, with a total loan amount of more than NT$10 million, and once faced the dilemma of being seized. These events have confirmed from the side that he may be under a lot of financial pressure in Taiwan for a long time, forming a huge gap with the image of sunshine, health and success in front of the live broadcast screen. Related Stories Suspected of Fraud! Artist Wu Sikai throws "direct-selling" cryptocurrency! Earning NT$250,000 a day, performance up to standard was awarded Mercedes-Benz It's time for us to say goodbye to NFTs? 〈Liu Genghong broke out his old debt to Taiwan! This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".