Zhao Changpeng, He Yi, Li Shufei, Mao Shihang… these names that now dominate the crypto circle all share a common trajectory—following Xu Mingxing. The story of this man is more dramatic than any fictional narrative, nearly encapsulating the blood and thunder of the crypto world. Today, we will delve deeply into this highly controversial key figure in the crypto circle: Xu Mingxing.
In 1985, Xu Mingxing was born in a rural area of Jiangsu, demonstrating outstanding mathematical talent, and eventually entered Renmin University for graduate studies. To the average person, this is a blueprint for 'bringing glory to one's ancestors', but he insisted on breaking the mold.
In 2006, in the dormitory at Renmin University, the gaming-obsessed Xu Mingxing happened to see (Win in China). Jack Ma's words, 'Ordinary people dare to try and take risks; if they try a few more times, they will succeed,' ignited the 'nonconformity' within him. Family pleas and mentor retention could not stop his determination to drop out and start a business. At that time, the world was whispering, 'Is this kid crazy?' No one expected that this drop-out would create huge waves in the future crypto circle.
After dropping out, his first battle was in the group buying sector, founding 'Wantuan Wang'. However, he encountered the 'Thousand Group War', where the pace of spending far exceeded expectations, ultimately leading to a collapse.
In his second entrepreneurial venture, he created 'Dou Ding Wang', catching the wave of the UGC content explosion, at one point attracting 40 million users, becoming a well-known document platform in China. However, with Baidu Wenku's strong entry, traffic was immediately squeezed, leading to another failure.
In his third venture, he went 'harder': he sold his house to gather 2 million to invest in the O2O dining industry, aiming to bridge online and offline, but within a few months, he lost everything. In the face of failure, he did not admit defeat, merely stating, 'It wasn't a decision-making error; the timing was just not right.'
After encountering setbacks in three consecutive ventures, others might have given up, but Xu Mingxing refused to accept his fate. The opportunity that would rewrite his destiny lay hidden in an American TV show.
A line from a show, 'Bitcoin has potential', caught his attention towards this then-inconspicuous new thing. At that time, Bitcoin was priced under 20 dollars, and he decisively bought in and continued to increase his holdings, even engaging in swing trading—this move earned him a fortune. Some praised his sharp insight, while others criticized him as a speculator, but no one could deny that this 'failed entrepreneur' was using Bitcoin to achieve a turnaround.
In 2013, Xu Mingxing used his first pot of gold earned from Bitcoin to establish OKCoin. He dedicated himself entirely to it, focusing on product details and financial operations, and within just three months, secured 10 million dollars in Series A funding.
In the same year, regulatory policies tightened, Bitcoin trading volume plummeted, and most platforms scaled back. However, Xu Mingxing led OKCoin to expand against the trend, becoming one of the first Chinese platforms to launch leveraged contract services.
At that time, Zhao Changpeng, He Yi, Li Shufei, Mao Shihang, and other later big names in the crypto circle had all spent time at OKCoin. The title of 'cradle of industry talent' allowed Xu Mingxing to secure the position of 'Godfather of Cryptocurrency', and the controversies that accompanied his fame followed closely…