Consumed by greed and illusions, it is often not a single gamble, but a process.

Written by: Deep Tide TechFlow

Open crypto Twitter, and you will always see those boasting about their assets exceeding eight figures, the big shots in the crypto world who have made a fortune on a single contract.

Whether it's filters or real strength, achieving big results in the crypto space is a stroke of luck that does not belong to every ordinary person.

Recently, a well-known Bilibili content creator "Brother Feng on the Run" (Brother Feng) documented the story of a man who was once the deputy factory director of a state-owned enterprise in Handan, Hebei, who lost 3 million due to cryptocurrency trading and fell from grace.

As of the time of writing, the video has already garnered 750,000 views, and discussions about this story are ongoing on social media.

Peeling away the glossy illusion of sudden wealth, this is a true story of an ordinary trader constrained by information asymmetry and trapped by greed.

From Factory Director to Debt-Ridden Driver

Since the original interview did not mention the specific name of the story's protagonist, the interviewee's Bilibili ID is "Rebirth in Zhejiang," and he will be referred to as Brother Rebirth in the following text.

Once, Brother Rebirth's life was enviable.

According to his own revelations on camera, he was the deputy director of a coal washing plant at a state-owned enterprise in Handan, Hebei, with a post-tax monthly salary of 9,000 yuan, living in a mortgage-free house, driving an Audi, managing 20-30 people, and enjoying the respect that came with being a deputy-level cadre.

In 2018, Brother Rebirth married his wife, and they have a five-year-old daughter, leading a happy and fulfilling family life.

"We were considered a moderately well-off family… better than some, but not as good as others." He recalled, his tone carrying a sense of distant warmth.

At that time, he took his daughter to travel in Shandong and Zhengzhou, practicing the concept of "raising a daughter in wealth," and his parents' retirement pensions relieved the family of any financial pressure. Such a stable life was solid as a rock, and it was hard to find signs of collapse.

Now, everything has turned to ashes.

At the beginning of the video, Brother Rebirth shows the various loan app interfaces and his debt situation on his phone, with one app showing over 100,000 yuan in loans, and cryptocurrency trading has led him to a total loss of 3 million, as he struggles daily to repay the high loans.

Now he drives for ride-hailing services for 13-14 hours a day, earning 300 yuan, and after deducting car rental and living expenses, he is left with only 100 yuan. Renting a 600 yuan/month single room with a private bathroom is his last semblance of dignity.

The million-dollar debt follows him like a shadow, with annual interest of 200,000 to 300,000 yuan, most of the loans already overdue, and debt collection calls are incessant.

When asked why he agreed to be interviewed by Brother Feng and potentially go public, Brother Rebirth said:

"The main reason I initially refused your interview was that I was afraid it would affect my job. Now that I have no intention of going back to work, I can't go back anyway, so I have no concerns and just want to earn money to pay off my debts."

In stark contrast to his courage to face the camera and life is the collapse of his family:

Two months ago, his wife divorced him due to the debt crisis and took their daughter; his parents were also utterly despairing, with his father's text message being particularly heart-wrenching: "This family no longer has you; everything about you is over."

His five-year-old daughter, still too young to understand the truth, only knows that "Daddy went out to work."

From a state-owned enterprise executive to a debt-ridden driver, the interviewee's fall is indeed lamentable. The reason for the rapid descent lies in the madness of high leverage in the crypto world and the obsession with borrowing to turn things around.

Altcoins, High Leverage, No Stop Loss

His story may be a microcosm of countless ordinary traders—consumed by greed and illusions, it is often not a single gamble, but a process.

In front of the camera, Brother Rebirth candidly shared his journey in the crypto world: **from initially tasting sweetness to high **leverage, the 3 million loss was not a one-night collapse, but the accumulation of countless impulsive behaviors.

Brother Rebirth's entry into the crypto world began with earlier postal currency trading. In the 2010s, postal currency cards, touted as an online financial product backed by stamps, attracted numerous retail investors. After trying it out, Brother Rebirth made a small profit of 10,000 to 20,000 yuan and managed to escape the crash, building confidence in "buying low and selling high."

He admitted that he was still cautious at that time, but this initial sweetness had already sown the seeds of speculation.

In 2020, he entered the crypto space and began experimenting with spot trading. Initially careful, but greed quickly magnified.

To gain more profit, he started chasing altcoins and opened contracts. Contract trading allows for borrowing to amplify the principal, with 10x, 50x, or even 100x leverage magnifying both profits and risks.

According to his own description, a few hundred yuan of principal could initially yield 40-50% profit, so he gradually increased his investment, both in principal and leverage.

Brother Rebirth described this as "a dull knife cutting flesh," never putting all his borrowed money into a single gamble, but rather like a frog boiling in water, losing 20,000 yuan today and borrowing another 20,000 yuan tomorrow to invest again.

A humorous detail in the original video interview is that Brother Feng thought his gradual entry was relatively steady, while Brother Rebirth immediately denied it:

"It's not steady at all; if I had 20,000 yuan to open a contract today, I would use particularly low leverage, not high leverage. Low-leverage altcoin contracts generally wouldn't have issues… because by then, my mindset had already twisted and distorted; I was too eager to make money back, so I would start using high leverage at what I thought was a suitable point, even 10x, 50x, or 100x."

Clearly, Brother Rebirth underestimated the volatility of altcoins in the crypto space, and liquidation was within reason. Another reason he kept borrowing money to fill the holes was the lack of discipline in trading.

Brother Rebirth said his biggest flaw was not setting stop losses; even after setting a stop loss, he would cancel it, fantasizing about a rebound.

This irrational gambling led him to liquidation time and again, borrowing money to continue, but the final outcome is known to all.

Four Times Borrowing, No Recovery

In 2020, he exhausted his 10,000 yuan savings and first tasted the bitter fruit of liquidation.

He borrowed 100,000 yuan through online loans like Alipay's Huabei and Anyi Flower, and friends and family contributed 120,000 yuan to fill a 220,000 yuan hole, with his parents emptying their savings to pay it off. After this, he promised not to play anymore, but less than six months later, he reignited the idea, "seeing news about Bitcoin soaring… made me mistakenly believe there was an opportunity."

The second time, he borrowed 150,000 yuan from online loans and 150,000 yuan from friends and family, totaling 300,000 yuan, and continued to trade cryptocurrencies with high leverage. After liquidation, he deceived himself, thinking "a few tens of thousands of yuan I can slowly resolve," but it buried a greater hidden danger.

By 2023, his debt soared to over 600,000 yuan, and it became difficult to gather enough money to repay online loans and friends. He sold his sister's less than 70 square meter apartment for 500,000 yuan, and relatives contributed another 100,000 yuan, once again completely clearing his debts.

However, this brief "rescue" did not bring him relief; instead, it deepened the distorted psychology of needing to earn back his losses—selling the house deprived his sister of her dowry, and his parents were shocked and emotionally collapsed. He clearly felt guilt and openly stated, "I live particularly oppressed."

The crypto world has cycles, and stories of rising from the lows influence the choices of the disheartened, becoming a motive for re-entry to win back losses.

In 2024-2025, he mortgaged his house, borrowed 700,000 yuan at high interest (20-30% interest), and 300,000 yuan in online loans to continue trading cryptocurrencies, pushing his total debt over a million.

Of course, each time he borrowed money to open contracts, it did not lead to recovery.

The cost of borrowing is not just financial but also the collapse of trust. To raise money, he fabricated lies to deceive friends and family; friends who were often deceived knew that when you try to cover one lie, you often need a bigger lie to cover it, overextending more connections and credit.

"Putting on a facade in front of people while being a ghost behind their backs, without even a bottom line for being human…" In his torment, Brother Rebirth faced the consequences.

A friend tipped off his wife, revealing his total debt, leading to her breakdown and request for divorce; his parents, upon learning he had mortgaged the house, were utterly despairing, leaving a text message saying:

"You have become possessed; you even mortgaged the house… this family no longer has you."

After Brother Rebirth's interview with Brother Feng, he also opened an account and warned everyone not to borrow money to engage in similar products, "I have completely ruined a particularly beautiful life with my own hands."

The term "turnaround" can refer to a subway station in Shenzhen, a fantasy of unwillingness when losing too much, but more likely it is a bottomless pit of greed that snowballs.

Support from Liangxi, the Long Road Ahead

After Brother Feng's video spread, Liangxi, a KOL in the Chinese crypto space known for trading contracts, posted to announce that he would sponsor Brother Rebirth with 50,000 yuan and additionally provide 60,000 yuan as monthly living expenses for a year (5,000 yuan per month) to prevent him from continuing to trade cryptocurrencies.

Liangxi can naturally understand Brother Rebirth, as they both dance on the edge of contract trading and have experienced the pain of liquidation. This act of assistance seems more like a rescue of his former self.

However, any act of kindness should perhaps have boundaries during implementation.

Brother Rebirth's addiction to trading cryptocurrencies cannot be ignored. With the obsession of "turning around" and the burden of sunk costs, he may still continue down a path of no return, especially in the crypto culture where narratives of "borrowing money to turn around" are everywhere. Moreover, the person lending him money is Liangxi himself, who embodies the dramatic effects of contract trading.

A master of contracts lends you money to rescue you, telling you not to trade contracts anymore; will you really stop?

Let’s not forget that in reality, Brother Rebirth is still relying on driving for ride-hailing services to maintain his expenses. The hard-earned money from this physically exhausting work is still too slow compared to the quick thrill brought by contracts.

The million-dollar debt follows him like a shadow, and we still do not know which path he will choose, whether it is for another chance at sudden wealth or to redeem the lost dignity.

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