President of the Blockchain University Alliance, Peng Shaofu
Experience in the Crypto Circle: 8 years
– President of the Blockchain University Alliance
– Vice President of the Taiwan Virtual Asset Anti-Money Laundering Association
– Director of the Bitcoin and Virtual Currency Development Association
– Supervisor of the Taiwan Financial Technology Association
The Taiwan Blockchain University Alliance, composed of more than 30 blockchain clubs and communities from universities across Taiwan, is the largest blockchain student organization in Asia and a member of the United Nations Framework Convention on Climate Change YOUNGO organization.
Every year, the alliance leads over 3,000 beginners to understand blockchain and virtual assets correctly, collaborates with universities to offer credit courses and micro-credit courses, and organizes anti-fraud and anti-money laundering campus seed training, emphasizing the importance of knowing fraud and exploring the law before exploring the blockchain. At the same time, multiple blockchain professional study groups are organized, inviting scholars and experts to conduct learning-oriented study groups on topics such as blockchain financial regulations and on-chain data, actively cultivating advanced talents in the industry.
How did you enter the circle in the first place?
Unlike many people who entered the crypto circle through active research, Peng Shaofu’s entry story began with an “accident”.
Originally studying law, he admitted that he did not actively study blockchain at first. His connection with blockchain actually began with a “sausage exchange” incident.
At that time, Peng Shaofu was in China for business, and the office next to his in Shanghai was a blockchain project company. At a barbecue party, the aroma of Taiwanese sausages attracted the attention of the neighboring company, and they even proposed to exchange sausages with their own project’s cryptocurrency. Thinking it was just a joke, Peng Shaofu actually exchanged for tens of thousands of cryptocurrency coins.
What was even more surprising was that these “sausage capital” increased by hundreds of times during the bull market the following year, bringing him an astonishing wealth of tens of millions of dollars.
This legendary “sausage exchange” experience not only made Peng Shaofu deeply realize the potential of blockchain, but also prompted him to seriously consider the risks behind it, thereby opening up his research and education promotion in the crypto circle.
The most memorable experience in the crypto circle?
Of course, the investment journey in the crypto circle cannot be smooth sailing.
Having been in the crypto circle for many years, Peng Shaofu has experienced numerous market fluctuations and witnessed various ups and downs, but the most memorable trading experience for him was the FTX exchange incident in 2022.
“I lost a house in FTX.” Peng Shaofu said with a bitter smile.
At that time, he and two friends formed a team and happened to be in Singapore to attend a fintech festival. After the exhibition, the group finally had the opportunity to relax and rest at the hotel.
While they were enjoying their vacation by the pool, several messages related to the financial crisis of FTX suddenly popped up on their phones. However, they did not initially realize the seriousness of the problem, and the three of them decided to discuss countermeasures later in their rooms.
However, within this short hour, when they returned to their rooms to check the situation, it was already too late, and the funds in the FTX exchange could no longer be withdrawn.
“That was truly one of the biggest regrets of my life. We have been in the circle for so long and we know the importance of acting immediately, but we hesitated for that one hour and did not make a decision at that moment,” Peng Shaofu regretfully said. Because they did not handle the crisis immediately and chose to continue enjoying their vacation, they missed the golden opportunity to salvage their assets. “Even though so many years have passed, even now in the middle of the night, I still wake up suddenly, dreaming that my money is still stuck inside.”
However, in addition to the loss of his personal assets worth millions, what made him even more distressed was that many of his friends, acquaintances, or students also had funds in FTX. After the incident broke out, some students had emotional breakdowns and constantly expressed that they did not want to live anymore.
In order to help these students, Peng Shaofu and others devoted a lot of time and effort to assist the victims in overcoming their difficulties. They even sought help from psychotherapists and organized multiple group therapy sessions, providing a place for the victims to vent their emotions.
“Actually, when we cared about them, it was also to alleviate our own pain. When we realized that the whole world was in a bad situation, we focused more on ‘what can I do to help you?’ and then we were busy living our lives, forgetting how much pain we were in.”
What apps do you commonly use in the crypto circle?
Security Verification: Authenticator
Wallets: MetaMask, imToken, Trust, Temple, Tonkeeper, Sui Wallet, ZONE Wallet, KryptoGo
Exchanges: BitTrust, HOYA BIT, XREX, MAX, MaiCoin, ACE, OKX, Binance, Bybit, MEXC, Huobi, Gate.io, Bitget, Coinbase, Kraken Pro
NFT: OpenSea, Magic Eden, Qubic
What is your current investment strategy?
After experiencing the ups and downs of the crypto circle, Peng Shaofu’s current investment strategy is relatively conservative.
“I now allocate 70% to mainstream coins and 30% for when I feel like playing around.”
He explained that the 70% allocated to mainstream coins mainly consists of spot cryptocurrencies such as Bitcoin, while the remaining 30% is used for “playing” purposes, mainly participating in DeFi, arbitrage, or investing in meme coins.
Further reading: What is an Airdrop? Where to Find New Projects in the Crypto Circle? A Comprehensive Guide to Crypto Circle “Loot Airdrops”
Regarding the future of Bitcoin, Peng Shaofu believes that it still has room for growth, but he is not a believer in “Hodl to the end”.
“I won’t sell everything, but in principle, I buy low and sell high.” He emphasized that although it is impossible to accurately predict the highest and lowest points, as long as you grasp the general cycle, you can sell at relatively high points and buy at relatively low points, which can bring good returns in the long run.
What should newcomers in the crypto circle pay attention to?
During the interview, Peng Shaofu shared a personal experience of a fraud case, which is unbelievable considering that he is a blockchain expert dedicated to anti-fraud education. He also fell into a trap in the risky crypto circle.
The incident started with a Telegram message from a teacher in another country.
At that time, Peng Shaofu’s phone number and email were publicly available in the account settings of Telegram. The scammer stole his personal information and attempted to log into his account. While Telegram sent a verification code to his phone, the scammer also impersonated the teacher and chatted with him, claiming that their interfaces were different and asked Peng Shaofu to screenshot his own screen and show it to him.
Since they knew each other, Peng Shaofu didn’t suspect anything and sent the screenshot, but he didn’t notice that the verification code was also included in the screenshot, leading to his account being hacked.
However, after the scammer succeeded, they didn’t take immediate action but lurked in his account like a virus.
It wasn’t until the beginning of the year when projects on the TON ecosystem suddenly surged that Peng Shaofu transferred a batch of TON tokens to his wallet in preparation for participating in a high-yield staking activity that the scammer finally revealed their fangs. The day after the transfer, Peng Shaofu found that his TON coins had disappeared. Upon investigation, he realized that his account had been logged into by a foreign device from an unfamiliar location.
“The next day, I saw that tens of thousands of dollars’ worth of coins suddenly disappeared. I checked the records and found that the coins had been transferred away. Who could have taken my money? Then I carefully looked at the logged-in device and found a Samsung phone located in Nicaragua…?” Peng Shaofu recalled this experience with a tone filled with regret and helplessness.
Even as a blockchain expert actively involved in anti-fraud education, Peng Shaofu, despite being cautious, still fell into a scam case. It was because of this incident that he gained a deeper understanding of the cunning and ever-changing methods of scammers.
This personal experience of falling victim to a fraud case has become a strong motivation for Peng Shaofu to promote anti-fraud education. He emphasizes that even seasoned individuals in the crypto circle can’t completely prevent all scams, so the key to reducing fraud risks lies in raising public awareness and learning correct blockchain knowledge.
How do you view the development of the crypto circle?
After experiencing the ups and downs of the crypto circle, Peng Shaofu, as the President of the Taiwan Blockchain University Alliance, actively promotes blockchain education and anti-fraud work.
He believes that public awareness of cryptocurrencies in Taiwan is polarized. On one hand, the approval of cryptocurrency ETFs has led more people to pay attention to and invest in cryptocurrencies. On the other hand, the frequent occurrence of fraud cases has deepened people’s negative impression of this industry. To narrow the gap between these two extremes, education, anti-fraud efforts, and destigmatization are crucial.
“So we have been organizing educational training and anti-fraud training,” Peng Shaofu said, with a more determined tone.
“We happened to encounter the period when fraud cases were rampant in Taiwan. The monthly amount involved in fraud cases now exceeds NT$10 billion, which means that billions of New Taiwan dollars are being scammed every day. This is a matter that shakes the foundation of the country, don’t you think so?”
To solve this crisis-ridden issue of fraud and prevent more newcomers from falling into “crypto traps,” the Blockchain University Alliance provides various learning resources, including:
Systematic course training: From basic to advanced, with a special focus on anti-fraud education.
In-depth study groups: In-depth discussions on specific topics such as smart contracts, financial regulations, on-chain data analysis, etc.
International visits and activities: Participation in international summits to understand the latest developments in the global blockchain industry.
These resources are available for both students and professionals, aiming to help newcomers establish correct blockchain knowledge, enhance risk awareness, and promote the healthy development of the blockchain industry in Taiwan, allowing the industry to thrive steadily and go further internationally.
Finally, Peng Shaofu hopes that in the near future, he can witness the blossoming of blockchain technology in various fields and create a better future. All these efforts stem from a simple yet firm belief: education is the key to the future.