From Success to Despair: The Tragic Journey of Liangxi, a Retail Investor who lost $2 million in Cryptocurrency

2023-09-08 09:01:17

Have you heard of Liangxi? During the 2020 May 19 Bitcoin crash, he relied on high-leverage short selling and accumulated wealth up to 40 million U. But at only 22 years old, he quickly lost all his wealth and racked up huge debts. Earlier, there was news that he committed suicide by drinking pesticide…
(Preliminary summary: The diary of a retail investor who lost $2 million: Before committing suicide, he left “I thought cryptocurrency might make money”)
(Background supplement: Where have all the people who left the currency circle gone?)

There has never been a shortage of stories of success and wealth in the currency circle, but following tasting the wonderful taste of victory, there are also stories of reversals that fell from heaven to hell overnight. Just earlier this week, Liang Xi, a 22-year-old Chinese young man who is known as a “grassroots genius trader” and had the myth of turning 1000 U to a maximum of 40 million U during the 2021 May 19 crash, posted a video on Weibo announcing that he would Commit suicide by drinking pesticide.

Today, Dongqu District will sort out Liang Xi’s story for readers and see how he went from being a great god in the currency circle to the abyss of despair.

Take a quick look at Liangxi’s story

On May 19, 2020, Bitcoin plummeted by more than 30% from US$43,878. Liang Xi, who is only 19 years old, relied on high leverage to short-sell and accumulated wealth up to 40 million U. He is known as the God of Contract War. In the second half of 2021, Bitcoin rose once more, but this time Liang Xi, who looked in the wrong direction, was liquidated. In 2022, Liang Xi borrowed money from various currency circles. In October, Sun Yuchen and Huobi founder Du Jun announced that they would each unconditionally provide $50,000 in trading funds to Liangxi, allowing him to open orders on the Huobi Live contract. Although it attracted a lot of popularity, the final assets still returned to zero soon following. . In 2023, Liangxi exposed that Chinese currency dealer Fu Lu Shou was cheating on others, had bad relations with a group of trader friends in the community, and was rumored to have cheated money with his girlfriend… He was revealed to have been in and out of a mental hospital, and was suspected of suffering from delusion.

Coming from a loveless family

It is understood that Liang Xi’s real name is Geng Zhiyu. He was born in 2002 and comes from a single-parent family. He was once a young swimmer in Jinan City and achieved great results. Later, he was sent to an Internet addiction treatment school because of his addiction to games. In 2022, it was reported that he was sent to a mental hospital by his father due to schizophrenia (now known as schizophrenia). He was repeatedly detained by Jinan police for fighting and gambling.

In addition, the relationship between him and his father is not good. It is said that when Liangxi made a lot of money, he deposited the tens of millions of dollars he earned into his father’s account because he was underage; but when he lost money and wanted to get the money back, , his father ignored him at all, and the two sides often cursed and even violently clashed, which also earned him the title of filial son in the currency circle.

After losing all his wealth, he turned to Internet celebrities

After losing money in the wrong direction in the bull market in 2021, Liang Xi’s social media in China has attracted a lot of traffic. With his unobstructed expressions, rich stories and entertainment, he has gained a lot of attention in the field of Chinese encryption. He quickly became popular and following his account was banned many times, he later switched to X (Twitter).

When Liangxi started her first Twitter Space live broadcast on October 17, 2022, data showed that more than 56,000 people participated and more than 9,000 people were online at the same time, setting a record for Chinese encrypted tweets, and was even listed on Twitter globally. Real-time Space ranks first.

Is he really a trading genius, or is he just lucky?

I really don’t know whether to say that Liang Xi is lucky? Still bad luck. He made wealth in a short period of time during the 519 market that happens every few years that ordinary people may not be able to accumulate in a lifetime.

However, without learning basic risk control, he developed a trading strategy of high-leverage ordering. As a result, according to his post on Weibo in the middle of this year, the amount he owed has reached 130 million yuan.

Once once more, we are reminded that people can only earn wealth within the scope of their own knowledge. His myth of skyrocketing and plummeting has only become an anecdote for the people in the currency circle, which is very sad.

Drinking pesticides live this week

And just yesterday, the 7th, Liangxi himself posted on social media that he would commit suicide by drinking pesticide tablets. His mental state in the video was obviously unstable. After apologizing to those who supported him, he took out a bottle of a powerful pesticide called “Dichlorvos” and drank it in an attempt to commit suicide.

At the same time, he also left a long complaint on the community, saying that he was forced to go to a dead end:

I was forced to die by Chen Zhichao. He kept taking quotes out of context and spreading rumors to smear me. I will sort it out tonight. Chen Zhichao sent money to slander me, and also used cancellation certificates.
My Weibo forced me to sell my account to give him money and dirty my chat history.

I will make a video, this is the last video, remember to watch it until the end, I am sorry to all my friends! I’m very sorry! Remember, I was forced to death by Chen Zhichao. There is no way out. Chen Zhichao has always felt that I dare not die because I owe my other friends money. I don’t want to die. Give me a night to sort it out and say goodbye to everyone. , those who fan the flames will go to hell. I don’t take medicine today. I’ll be struck by thunder. When I used Chen Zhichao’s trumpet, her wife also told me personally that he lies constantly. Only those who know Chen Zhichao thoroughly will know. How disgusting he is. After tonight, all the Liang family members collectively called the police to defend their rights. Chen Zhichao issued a bi. I compiled all the evidence to see how this guy framed me…

Note: It is still unclear who the Chen Zhichao accused by Liang Xi is.Maybe one of his creditors

However, in his comments on Weibo, some people said that Liangxi was just showing off. The pesticide he drank had actually been treated in other ways, and an ambulance came immediately following drinking it. Others criticized him: “He is addicted to lying.” He still wants to save face”, “He is really mentally ill”…

Since Liangxi had previously planned to launch his own investment DAO and order-taking community, it was also rumored that he was involved in lawsuits. Someone said: “I hope that following you go to jail for a few years, you may have a different state of mind. I really don’t want to.” I hope you get this far…”

At present, on Liang Xi’s Weibo, it seems that only his assistant has issued a complete video and statement since he announced his suicide yesterday. There is no further explanation regarding his actual physical condition, which remains to be verified over time.

＊Dong District reminds you to give yourself another chance. Even if your investment fails, life is still not in despair. If you are in Taiwan, please call the suicide prevention and treatment consultation hotline: 1925; or the lifeline consultation hotline: 1995.

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