State-owned enterprise deputy factory director addicted to cryptocurrency trading, 3 million in debt leading to family breakdown (II)
When asked why he accepted an interview with Brother Feng, which could potentially be made public, Brother Rebirth said:
"The main reason I initially refused your interview was because I was afraid it would affect my work. Now that I have no intention of going back, I can’t return, so I have no more concerns. I will work hard to carve my own path and earn money to pay off my debts."
In stark contrast to the courage to face the camera and life is the collapse of the family:
Two months ago, his wife divorced him due to the debt crisis and took their daughter; his parents have also completely given up, with his father's text message more heart-wrenching: "This family no longer has you; everything about you is over."
His five-year-old daughter, too young to know the truth, only knows that "Daddy went out to work."
The fall of the interviewee from a senior executive in a state-owned enterprise to a debt-ridden driver is indeed lamentable. The rapid decline is caused by the madness of high leverage in the cryptocurrency space and an obsession with turning things around through borrowing.
02 Altcoins, high leverage, no stop-loss
His story may be a microcosm of countless ordinary cryptocurrency traders—devoured by greed and dreams, often not a single gamble, but a process.
Under the lens, Brother Rebirth candidly shared his journey in the crypto world: from initially tasting success to high leverage, the loss of 3 million was not a sudden collapse, but the accumulation of countless reckless behaviors.
Brother Rebirth’s introduction to the crypto world began with earlier trading of postal currency. In the 2010s, postal currencies, as an online financial product, claimed to be backed by stamps and attracted countless retail investors. After trying it out, he made a small profit of 10,000 to 20,000 and narrowly escaped the collapse, building confidence in "buying low and selling high."
He admitted that at that time he was still cautious, but this small success had already planted the seeds of speculation.
In 2020, he entered the cryptocurrency space and began trying spot trading. Initially careful, but greed quickly magnified.
To gain more profit, he began chasing altcoins and opened contracts. Contract trading allows for leveraged borrowing, with 10x, 50x, or even 100x leverage amplifying both profits and risks.
