Talk about the legendary figure in the cryptocurrency world, Liang Xi
His original name was Geng Zhiyu, born in 2002 in Jinan, Shandong. He grew up in a family lacking love, with a rebellious personality and an internet addiction that led him to be sent to internet addiction rehabilitation schools and mental hospitals, resulting in a tendency towards schizophrenia. However, he excelled in gaming and became a professional player in "Honor of Kings," earning 200,000 by playing alongside others and donating some of it, gaining a bit of popularity.
On May 19, 2021, Bitcoin plummeted by over 30%. At 19 years old, Liang Xi used a principal of 1,000 yuan and leveraged it 60 times to short the market, earning 10 million in a single day, with his assets peaking at 30 to 40 million within a month, becoming known as the "Contract War God" and the "Young Buffett." His trading frequency was extremely high, averaging 8.65 times per hour, consistently using high leverage and being particularly aggressive, which aligned well with the speculative frenzy in the crypto market at the time. He also shared various trading experiences, donations, and interacted with fans on Weibo, even engaging in disputes and reporting against KOLs in the crypto space, quickly amassing hundreds of thousands of followers.
However, by the second half of 2021, the Bitcoin market changed, and he made multiple erroneous judgments leading to liquidation, accumulating debts of several million. He resorted to borrowing, receiving commissions, and even "selling original-flavor shoes" to repay his debts, yet his liabilities continued to grow, leading to a fallout with his father. He even live-streamed suicide attempts multiple times, claiming to be moving cement at construction sites, and sold his Weibo account, transitioning from a financial blogger to an entertainment topic figure.
In 2024, he was sentenced to two years in prison for suspected fraud, although some claim he pretended to be imprisoned to evade debts.
Liang Xi's story reflects the extreme nature of the cryptocurrency world. High leverage and frequent trading can lead to short-term wealth, but without risk control and long-term planning, it inevitably ends in collapse. Some see his situation as "resisting capital," but it is essentially a case of hype combined with his own psychological issues. This serves as a wake-up call for the crypto industry: stop promoting "getting rich overnight," and rational investment is the right path. His rise was due to talent, timing, and extreme personality, while his downfall was a result of market rules and his own flaws. This story is both legendary and a cautionary tale.