1. In the deep autumn of 2017, 16-year-old Geng Zhiyu curled up in a corner of an internet café in Jinan, using the 1000 yuan he got from selling second-hand graphics cards to start trading cryptocurrency. At that time, he could never have imagined that this almost self-destructive gamble would push him into the crypto world, leading to the most extreme legend: the death debut. During the 2018 bear market, he shorted Bitcoin with 5x leverage but was left owing the platform 230,000 yuan within 3 days due to liquidation, earning him the title of the worst retail trader in history. A magical resurrection occurred during the DeFi Summer of 2020, when he borrowed 100,000 yuan in capital, engaging in crazy lending arbitrage on the Compound protocol, achieving a daily return rate of 580%, with his account balance surpassing 6 million. The moment of divinity came during the May 19, 2021 crash when he used 300x leverage to short Ethereum, completing 473 trades within 18 hours and turning 500,000 yuan into 230 million yuan, setting a record for the highest daily return in crypto history. Cold data shows that the average holding time for profitable trades is only 6 minutes and 17 seconds, while the liquidation speed for losing trades is 5.1 times faster than that for profitable trades. This 'blitzkrieg' model compresses human greed into a bloody poem on the candlestick chart.

2. The 'Liang Algorithm': The quantum state tearing of decentralized faith. Liangxi's trading system combines casino probability theory with blockchain fundamentalism, known in the industry as 'Schrodinger's multi-signature wallet'. On-chain ghost tactics utilize the Lightning Network to build 'ghost positions': after mixing coins through Tornado Cash, he synchronously operated through 50 offshore wallets to achieve millisecond-level arbitrage of liquidation stop-loss information. In Q2 2023, his on-chain trading volume reached $7.8 billion, but 62% of this was laundered through mixers, leaving the real positions shrouded in fog. Psychological manipulation in the community involved establishing a 'Liangmen Believer' group on Telegram, regularly releasing snippets of 'death contract' code to induce retail investors to replicate his high-leverage strategies, resulting in 7 'flash crashes' in 2022, averaging a harvest of 2.3% of market liquidity. The Twitter account 'Liang General Diary' boosted its fan conversion rate to 9 times the industry average through timed token releases and random lotteries, indirectly manipulating the price fluctuations of altcoins. The dark forest principle involved implementing 'dimensionality reduction attacks' against competitors: 14 hours before the LUNA crash in 2024, he spread false code vulnerabilities in Discord groups, triggering panic selling, while he himself harvested $180 million in reverse. He created the 'Liangxi Dark Web': through Tornado Cash channels that cannot be traced by Chainalysis, establishing secret trading agreements with over 200 small exchanges to achieve an arbitrage closed loop of liquidation stop-loss information.

3. The Collapse Moment: When decentralization meets centralized strangulation. In March 2025, during a 'Lehman-level liquidation', Liangxi's decade-long rebellion came to an end. A fatal misjudgment: he leveraged $200 million to bet on Bitcoin dropping below $50,000, but faced a sudden interest rate cut from the Federal Reserve combined with new regulations on Hong Kong crypto licenses. The price of cryptocurrencies surged by 31% within 72 hours, triggering a chain reaction of liquidations. The domino effect: 12 of his associated cross-chain accounts collapsed one after another due to smart contract vulnerabilities, resulting in a single-day loss of $470 million, setting a record for the largest single-day liquidation in cryptocurrency history. Collapse of faith: a Weibo topic 'Liangxi Repays' saw 530,000 new posts in a single day, with some creditors hiring private investigators to track his whereabouts, even leading to incidents of 'human flesh search resulting in death'. Retail investors in South Korea collectively burned Bitcoin mining machines in front of the Seoul Stock Exchange. Forensic analysis of trading records revealed a harsh truth: the average win rate for profitable trades was only 61%, while the maximum single loss was 6.2 times the average profit. When using the 'Martingale strategy', the probability of consecutive losses exceeding 5 times reached 47%, far exceeding the theoretical safety threshold.

4. The Liang Effect: A torn crypto ecosystem. Market alienation: liquidity in small coins fell by 59%, and some project parties were forced to pay a 'Liangxi premium' (an additional 5-7% tokens) to avoid being targeted. Binance launched the 'Liangxi Volatility Index' in an attempt to quantify the destructive power of his trading behavior on the market, with first-day trading volume exceeding $1.8 billion. Regulatory nuclear explosion: the U.S. SEC sued him for suspected 'spoofing', freezing his on-chain assets. Group madness: some retail investors formed the 'Liangxi Cult', collectively buying at price lows to show 'faith', leading to irrational rises in multiple altcoins. Oxford University released the 'Liangxi Syndrome White Paper', pointing out that his trading behavior meets the DSM-5 diagnostic criteria for 'impulse control disorder' and 'antisocial personality'.

5. The Ultimate Dilemma: The fall of Liangxi, a decentralized 'impossible triangle', has torn open the three layers of scars in the crypto world. The technical paradox, an AI trading model built at a cost of millions, suffered a loss of $210 million in the 2024 bull market due to overfitting historical data and reverse operations. The leverage curse: industry data shows that traders using >100x leverage have an average lifespan of only 4.1 months. Liangxi, having persisted for 6 years, is already considered a 'mutant sample'. He simultaneously operated 6 identity accounts but forgot to switch chain bridge keys in 2025, leading to a $53 million liquidation of his private account, validating 'Murphy's Law' in the most absurd way.

The Eternal Question on the Ruins: Liangxi's Twitter account remains forever frozen on a tweet from May 24, 2025: 'I have proven in ten years that this market does not need code, only gamblers driven by desire.' This post received 2.5 million likes, with the top comment stating: 'You are not a gambler; you are the mirror of all gamblers. This seven-year-long financial reality show has left two eternal scars: on the technical level: the birth of the 'Liangxi Circuit Breaker Mechanism', forcing exchanges to set daily maximum liquidation compensation limits. On the human level: when people commemorate him, they always recall that often-quoted advice: 'In a leveraged market, living long is more important than making money.' Perhaps, as crypto analyst ChainLens summarized: Liangxi is not the first trader to die from leverage, nor will he be the last. But when he bought this lesson for $470 million, the entire industry finally began to reflect: what kind of financial beast are we building a stage for?