Chairman of the Blockchain University Alliance, Peng Shao-fu
Experience in the Crypto Industry: 8 years
– Chairman of the Blockchain University Alliance
– Vice Chairman of the Taiwan Virtual Asset Anti-Money Laundering Association
– Director of the Bitcoin and Virtual Currency Development Association
– Supervisor of the Taiwan FinTech Association
The Taiwan Blockchain University Alliance, consisting 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’s YOUNGO organization.
Every year, the alliance leads over 3,000 beginners to understand blockchain and virtual assets correctly. They collaborate with universities to offer credit courses and micro-credit courses. They also organize anti-fraud and anti-money laundering training on campuses, emphasizing the importance of legality and exploring blockchain. At the same time, they organize various blockchain professional study groups, inviting scholars and experts to conduct learning-oriented study groups on blockchain financial regulations, on-chain data, and other topics to actively cultivate advanced talents needed by the industry.
How did you get into the crypto industry?
Unlike many people who entered the crypto industry through active research, Peng Shao-fu’s entry story began with an “accident”.
Originally studying law, he admitted that he did not actively study blockchain at the beginning. His encounter with blockchain actually started with a “sausage exchange” incident.
At that time, Peng Shao-fu was starting a business in China, and next to his office in Shanghai was a blockchain project company. During a barbecue party, the aroma of Taiwanese sausages attracted the attention of the company next door, and they even proposed to exchange sausages with their own project’s cryptocurrency. Thinking it was just a joke, Peng Shao-fu actually exchanged the sausages for tens of thousands of cryptocurrency.
What was even more surprising was that these “sausages” multiplied hundreds of times in the bull market the following year, bringing him astonishing wealth of millions of dollars.
This legendary “sausage exchange” experience not only made Peng Shao-fu deeply appreciate the potential of blockchain but also prompted him to seriously consider the risks behind it, thus opening up his path of studying and promoting the crypto industry.
Most memorable experience in the crypto industry?
Of course, the investment journey in the crypto industry cannot always be smooth sailing.
Having been in the industry for many years, Peng Shao-fu has experienced multiple bull and bear cycles and witnessed various challenges. But the most memorable trading experience for him was the FTX exchange incident in 2022.
“I lost a house in FTX,” Peng Shao-fu 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 appeared on their phones. However, they did not initially realize the severity of the problem and decided to discuss countermeasures later.
However, within just an hour, when they returned to their rooms to check the situation, it was already too late. The funds in the FTX exchange could no longer be withdrawn.
“That was truly the biggest regret of my life. We had been in this industry for so long, knowing the importance of acting promptly, but we delayed for that one hour and didn’t make a decision right away,” Peng Shao-fu regretfully expressed. Because they didn’t handle the crisis immediately and chose to continue enjoying their vacation, they missed the golden opportunity to salvage their assets. “Even though many years have passed since the incident, even now, I still wake up suddenly in the middle of the night, dreaming that my money is still stuck there.”
Apart from the loss of millions of dollars in personal assets, what made him more distressed was that many friends, acquaintances, and students had also put their funds in FTX. After the incident, some students had emotional breakdowns and kept saying they didn’t want to live anymore.
To help these students, Peng Shao-fu and others devoted a lot of time and effort to assist the victims in overcoming the difficulties. They even sought the help of psychologists and organized group therapy sessions, providing a space for the victims to vent their emotions.
“In fact, when we cared for them, it was also to alleviate our own pain. When you realize that the whole world is not doing well, you tend to focus more on ‘what can I do to help you,’ and then you keep yourself busy, and the days go by, and you forget how much pain you are in.”
What apps do you commonly use in the crypto industry?
Security Verification: Authenticator
Wallets: MetaMask, imToken, Trust, Temple, Tonkeeper, Sui Wallet, ZONE Wallet, KryptoGo
Exchanges: Bitoex, 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 industry, Peng Shao-fu’s current investment strategy is relatively conservative.
“I allocate 70% to mainstream cryptocurrencies and 30% to play around when I feel like it.”
He explained that the 70% allocated to mainstream cryptocurrencies mainly consists of Bitcoin and other spot assets. The remaining 30% is used for “playing” purposes, such as participating in DeFi, arbitrage, or investing in meme coins.
Further reading: What is an Airdrop? Where to Find New Projects in the Crypto Industry? A Comprehensive Guide to “Airdrops” in the Crypto Industry
Regarding the future of Bitcoin, Peng Shao-fu believes that it still has room for growth, but he is not a believer in “Hodl to the end” strategy.
“I won’t sell everything, but in principle, I buy low and sell high.” He emphasized that although it is not possible to predict the exact 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 generate decent returns in the long run.
What should beginners in the crypto industry pay attention to?
In the interview, Peng Shao-fu shared a personal experience of a scam, which is unbelievable considering he is a blockchain expert actively involved in anti-fraud education. He also fell into a trap in this risky crypto industry.
The incident started with a Telegram message from an international teacher he knew. Since his phone number and email were publicly available in his Telegram account settings, the scammer stole his personal information and attempted to log into his account. While Telegram sent a verification code to his phone, the scammer impersonated the teacher and chatted with him, claiming that their interfaces were different and asked Peng Shao-fu to screenshot his own screen.
Since they knew each other, Peng Shao-fu 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, the scammer didn’t take immediate action after successfully stealing the account and lurked like a virus within it.
It was not until the beginning of the year when projects in the TON ecosystem suddenly surged that Peng Shao-fu transferred a batch of TON tokens to his wallet to participate in a high-yield staking activity. It was then that the scammer finally revealed its fangs. The day after the transfer, Peng Shao-fu discovered that his TON tokens were gone. Upon investigation, he realized that his account had been accessed by an unknown device from a foreign country.
“The next day, I saw that tens of thousands of dollars’ worth of tokens suddenly disappeared. I checked the records and found that all my tokens were transferred. Who could have taken my money? Then I looked at the login devices carefully and found a Samsung phone. It was strange how it was located in Nicaragua…?” Peng Shao-fu recalled this experience with regret and helplessness in his tone.
Even as a blockchain expert actively involved in anti-fraud education, Peng Shao-fu, with all his caution, still fell into a scam. This incident made him deeply understand the cunning and ever-changing nature of fraud methods.
This personal experience of falling victim to a scam became a powerful driving force for Peng Shao-fu to promote anti-fraud education. He emphasized that even experienced individuals in the crypto industry cannot completely prevent all scams. Therefore, the key to reducing fraud risks lies in raising awareness and learning correct blockchain knowledge, which is the fundamental way to protect oneself.
How do you view the future of the crypto industry?
After experiencing the ups and downs of the crypto industry, Peng Shao-fu, as the Chairman of the Taiwan Blockchain University Alliance, actively promotes blockchain education and anti-fraud work.
He believes that the public’s perception of cryptocurrencies in Taiwan is polarized. On one hand, the approval of cryptocurrency ETFs has attracted more attention and investments. On the other hand, the frequent occurrence of fraud cases has deepened the negative impression of the industry. To bridge the gap between these two perspectives, education, anti-fraud efforts, and destigmatization are crucial.
“That’s why we keep organizing educational and anti-fraud training,” Peng Shao-fu said, with a more determined tone. “We happened to encounter the most rampant fraud in Taiwan when fraud amounts to over 10 billion New Taiwan dollars every month, which means several billion New Taiwan dollars are being scammed every day. This is a matter that shakes the foundation of the country, don’t you think?”
To address the rampant fraud problem 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: Deep exploration of specific topics such as smart contracts, financial regulations, on-chain data analysis, etc.
International visits: Participation in international summits to understand the latest developments in the global blockchain industry.
These resources are available for 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 move steadily and further on the international stage.
Peng Shao-fu also hopes to see blockchain technology blossom and bear fruit in various fields in the near future, creating a better future. All these efforts stem from a simple yet firm belief: education is the key to the future.