Mirror Lake Capital's Wu You responded to the "promised but not donated" incident: unable to fulfill the commitment due to reasons such as Bitcoin contract liquidation

ChainCatcher news, recently, a report titled "Alumnus Fails to Fulfill 11 Million Yuan Donation and is Sued by Alma Mater" has attracted attention. In response, the party involved, Wu You, stated that the failure to fulfill the donation was due to his Bitcoin contract being liquidated, resulting in his digital assets nearly reaching zero, and the projects invested by his fund facing liquidity crises that made it impossible to exit, ultimately leading to a lack of funds to fulfill the commitment. Wu You also mentioned that he had inquired whether the school could accept Bitcoin worth 11 million yuan, but the school indicated that it could not, so he decided to donate 11 million yuan in cash.

According to previous reports, Wu You, an alumnus from the 2008 class of China University of Mining and Technology, promised to donate 11 million yuan during the school's 110th anniversary celebration in April 2019 and signed a donation agreement with the school. In August 2022, Wu You was sued by the Mining University Education Development Foundation for failing to pay the donation. Afterward, Wu You still did not fulfill the payment, and on February 21, 2023, he was listed as a dishonest person subject to enforcement, with the People's Court of Tongshan District, Xuzhou City issuing a consumption restriction order against him. (source link)