President of the Blockchain University Alliance, Pang Shaofu
Experience in the cryptocurrency industry: 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’s 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, organizes anti-fraud and anti-money laundering campus seed training, emphasizes fraud prevention and legal compliance, and explores the blockchain. At the same time, it organizes multiple blockchain professional study groups, inviting scholars and experts to conduct learning-oriented study groups on blockchain financial regulations, on-chain data, and actively cultivating advanced blockchain talent needed by the industry.
How did you enter the cryptocurrency industry?
Unlike many people who enter the cryptocurrency industry through active research, Pang Shaofu’s entry into the industry began with an “accident.”
Originally studying law, he admitted that he did not actively study blockchain at first, and his connection with blockchain actually started with a “sausage-for-cryptocurrency” incident.
At that time, Pang Shaofu was starting a business in China, and next door to his office in Shanghai was a blockchain project company. During a barbecue party, the aroma of Taiwanese sausages attracted the attention of the neighboring company, and they even proposed to exchange sausages for their own cryptocurrency. Thinking it was just a joke, Pang Shaofu actually exchanged the sausages for tens of thousands of cryptocurrency coins.
What was even more surprising was that these “sausage coins” skyrocketed hundreds of times in the bull market the following year, bringing him an astonishing fortune of tens of millions of dollars.
This legendary “sausage-for-cryptocurrency” experience not only made Pang Shaofu deeply realize the potential of blockchain but also prompted him to seriously consider the risks behind it, thus opening up his path of research and education in the cryptocurrency industry.
What is the most memorable experience in the cryptocurrency industry?
Of course, the investment journey in the cryptocurrency industry cannot always be smooth sailing.
After years of experience in the industry, Pang Shaofu has experienced numerous ups and downs and witnessed various ups and downs. However, the most memorable trading experience for him was the FTX exchange incident in 2022.
“I lost a house in FTX,” Pang 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 chance 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 seriousness of the problem, and they decided to discuss countermeasures later in their rooms.
However, in just this short 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 most regretful thing in my life. We have been in this industry for so long, and we clearly know the importance of taking immediate action. However, we delayed for that one hour and did not make a decision at that moment,” Pang Shaofu expressed his regret. Because they did not handle the crisis immediately and chose to continue enjoying their vacation, they missed the golden opportunity to save their assets. “Even though many years have passed since the incident, even now, in the middle of the night, I still wake up suddenly and dream that my money is still stuck there.”
However, besides the loss of millions of dollars in personal assets, what made him even more distressed was that many relatives, friends, or students around him had put their funds in FTX. After the incident broke out, some students even had emotional breakdowns and kept saying they didn’t want to live anymore.
To help these students, Pang Shaofu and others devoted a lot of time and effort to assist the victims in overcoming their difficulties. They even sought the help of psychological counselors and organized multiple group therapy sessions, providing a place for the victims to vent their emotions.
“Actually, when we cared about them at that time, it was also to alleviate our own pain. When you realize that the whole world is in a bad state, you will focus more on ‘What can I do for you,’ and then you will be busy with daily life, forgetting how much pain you are in.”
Which apps do you commonly use in the cryptocurrency 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 cryptocurrency industry, Pang Shaofu’s current investment strategy is relatively conservative.
“I currently allocate 70% to mainstream coins and 30% for when I feel like playing around,” he explained. The 70% allocated to mainstream coins is mainly focused on spot trading, such as Bitcoin. The remaining 30% is used for “playing” in activities such as DeFi and meme coin investments.
Further reading: What is an airdrop? Where to find new projects in the cryptocurrency industry? A comprehensive guide to “Lu Airdrops” in the cryptocurrency industry
Regarding the future of Bitcoin, Pang 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 the principle is to buy low and sell high.” He emphasized that although it is impossible to predict the highest and lowest points accurately, as long as you grasp the general cycle, you can sell at relatively high points and buy at relatively low points, which can still provide decent returns in the long run.
What should newcomers to the cryptocurrency industry pay attention to?
During the interview, Pang Shaofu shared a personal experience of being scammed, which is unbelievable considering he is a blockchain expert committed to anti-fraud education. He fell into a trap even in this risky cryptocurrency industry.
The incident started with a Telegram message from an old teacher in another country.
At that time, Pang Shaofu’s phone number and email were publicly available in his Telegram account settings, and scammers stole his personal information and attempted to log into his account. While Telegram sent a verification code to his phone, the scammers impersonated the teacher and chatted with him, claiming that their interfaces were different and asked Pang Shaofu to screenshot his screen and show it to them.
Since they knew each other, Pang Shaofu didn’t suspect anything and sent the screenshots, but he didn’t notice that the verification code was also included in the screenshots, leading to his account being hacked.
However, the scammers did not immediately take action after gaining access to his account but lurked like a virus.
It was not until the beginning of the year when projects on the TON ecosystem suddenly surged that Pang Shaofu transferred a batch of TON tokens to his wallet, preparing to participate in a high-interest staking activity. It was then that the scammers finally revealed their fangs. The day after the transfer, Pang Shaofu found that his TON tokens had disappeared. Upon investigation, he realized that his account had been logged into by an unfamiliar device from a foreign country.
“The next day, I saw that tens of thousands of dollars’ worth of tokens suddenly disappeared. After checking the records, I found that the tokens had been transferred. Who could have taken my money? Then I looked closely at the login devices and found a Samsung phone. It was strange that it was located in Nicaragua…” Pang Shaofu recalled this experience, filled with regret and helplessness in his tone.
Even as a blockchain expert actively involved in anti-fraud education, Pang Shaofu, despite being extremely cautious, still fell into a scam. It was because of this incident that he realized more deeply the cunning and ever-changing nature of scams.
This personal experience of being scammed became a strong motivation for Pang Shaofu to promote anti-fraud education. He emphasized that even experienced veterans in the cryptocurrency industry cannot completely prevent all scams. Therefore, the key to reducing fraud risks lies in enhancing the awareness of fraud prevention among the public and newcomers and learning correct blockchain knowledge.
How do you view the development of the cryptocurrency industry?
After experiencing the ups and downs of the cryptocurrency industry, Pang Shaofu, as the president of the Taiwan Blockchain University Alliance, actively promotes blockchain education and anti-fraud work.
He believes that the public’s understanding of cryptocurrencies in Taiwan is polarized. On one hand, the approval of cryptocurrency ETFs has attracted more attention and investments in cryptocurrencies. On the other hand, the frequent occurrence of fraud cases has deepened the negative impression of the industry. To bridge this gap, education, anti-fraud efforts, and destigmatization are crucial.
“That’s why we have been conducting education and anti-fraud training,” Pang Shaofu said, with a more determined tone. “We happened to encounter the time when fraud is rampant in Taiwan. The amount of fraud reaches over 10 billion New Taiwan dollars every month, which means several billion New Taiwan dollars are scammed every day. This is a matter that shakes the foundation of the country, don’t you think?”
To solve this crisis-ridden fraud problem and prevent more newcomers from falling into “cryptocurrency 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: Participating in international summits to understand the latest developments in the global blockchain industry.
These resources are available for students and professionals 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 make more stable and far-reaching progress on the international stage.
Pang Shaofu also hopes to see blockchain technology blossom 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.