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Legendary stories in the cryptocurrency world ~ Liangxi's experiences
Liangxi is a controversial figure in the cryptocurrency world, with his massive liquidation and loss event having a complex background involving personal experiences and the environment of the crypto market.
Liangxi's trading experience
Liangxi entered the cryptocurrency space at 18, starting trading with 1,000 yuan and 50x leverage. At 19, he borrowed 519 Bitcoin during a market crash, shorting with 100x leverage and earning 40 million a month, becoming a “contract war god.” However, in the second half of 2021, due to a Bitcoin market rebound, he continued to trade against the trend with high leverage, resulting in his capital hitting zero multiple times, accumulating debts as high as 200 million USDT. Later, on February 24, 2025, during another Bitcoin crash, he used 2,000 USDT with 50-100x leverage for both long and short positions on ETH, making over 1 million USDT in a single day. However, his trading style was aggressive, with extreme account fluctuations; on April 9, he made 25.04 million RMB in profit, but lost 12.5 million just 24 hours later.
The collapse of the trust chain behind the liquidation event
Liangxi established his persona in the cryptocurrency world by showcasing real trading results, attracting trust from both retail and institutional investors. He traded by managing others' accounts, leveraging this trust to execute trades, creating a speculative model of “persona-driven trust, trust leveraging capital, and capital driving traffic.” However, when he experienced a massive loss of 20 million USD due to liquidation, this trust chain collapsed instantly, causing losses for both cooperating institutions and individual investors who followed him, and sparking doubts and reflections on similar speculative behaviors throughout the cryptocurrency community.
The distorted ecology of the cryptocurrency world and Liangxi's tragedy
Liangxi's experiences also reflect the distorted ecology of the cryptocurrency space. On one hand, he became a tool for capital, with big names like Sun Yuchen using his influence to attract traffic to their exchanges and funding his trades to maintain topic popularity. On the other hand, after accumulating debt, Liangxi suffered a psychological breakdown, exhibiting self-destructive tendencies, such as multiple live streams where he “drank pesticide to commit suicide,” and engaging in community violence, tearing into peers, even being sentenced to two years in prison for fraud after failing to fulfill a contract for selling a Weibo account.
In summary, Liangxi's liquidation event served as a wake-up call for participants in the cryptocurrency space, reminding people to recognize the risks involved and avoid blindly trusting others, while also reflecting the need for stronger regulations and standards in the cryptocurrency world to protect investors' interests.
