In May 2025, Bitcoin broke through the $100,000 mark. Amidst the market frenzy, some became rich while others faced liquidation. One trader, using 20x leverage on DEGEN tokens, lost 50% of their position due to chasing prices and panic selling; another investor shorted with 500x leverage when BTC surpassed $100,000, ultimately facing liquidation and leaving behind a declaration for rights protection citing 'exchange manipulation.' Meanwhile, Meitu Inc. suffered over 300 million yuan in cumulative losses due to high-position cryptocurrency speculation in 2021, dragging its stock price down to 'penny stock' levels.

Liang Xi once made $1 million in a single day by shorting ETH with 100x leverage during a market crash, but most contract players find it hard to escape a zero-sum fate—the high leverage, unpredictable market conditions, and emotional trading make it a 'negative sum game.' Recently, Coinbase acquired Deribit for $2.9 billion, betting on the explosion of the crypto options market, but the industry remains fraught with black swan risks.

In just 30 days, the cryptocurrency world showcased both wealth myths and heartbreaking lessons, confirming the brutal rule of 'nine deaths and one survival.'