In November 2023, the aftershocks of FTX have not subsided, yet 28-year-old trader Xiao Li flaunts his "annualized 300%" contract performance in his friend circle. He invested all of his parents' retirement money, his girlfriend's dowry, and credit card cash advances totaling 3.8 million into a new cryptocurrency called JTO, and even proclaimed in the group: "SBF is a scammer, I only trust code."
On the day of the short-seller's liquidation, JTO crashed from $7.8 to $0.03, and 3.8 million evaporated in an instant. He stared at the candlestick chart, kneeling on the floor of his rented room, and cried for the first time when calling his mother: "Mom, I've lost all your retirement money."
A year later, he quit the crypto world and opened a small mobile phone repair shop in his hometown. When the bull market returned in 2025, JTO actually made it back to $8. Someone tagged him: "Li Ge, the chance to turn around has come!" He only replied with a photo: a sign in the shop saying "No credit allowed."
He said: "What I fear the most now is not the coin price hitting zero, but hearing myself say 'this time is different' again."
The most expensive lesson in the crypto world can be summed up in eight words:
You think you are betting on coins, but in fact, coins are betting on how long you can hold on.
