Newbies in the crypto world don’t even know Yang Zhou and Wang Li anymore... Yang Zhou was the last person to completely wipe out the old crypto crowd. This guy’s lifestyle is insanely extravagant. Yang Zhou’s first blow-up was on March 12, 2020 (3/12), and it was a ‘too big to fail’ situation. His managed funds were so massive that Tether, the parent company of USDT, had no choice but to bail him out. Then the crazy bull run started in June... After Yang Zhou’s financial situation eased up, instead of toning it down, he went even crazier with leverage. He only added a tiny bit of options hedging, but it was super unprofessional. His strategy was ridiculously simple: bet that every bear market bottom would be higher than the previous bull market top. Then just keep adding unlimited leverage. Yesterday, someone in my group was still bringing up this nonsense, and I immediately shut it down with a couple of punches... So yeah, you get it, in 2022, he finally blew up with a supermassive $10 billion-level disaster. And because Babel’s users were mostly old miners with limited financial knowledge, in the last year of PoW, it took away a lot of OGs in the crypto world... In my opinion, the Babel blow-up hurt my circle of friends way more than FTX. But, you know, Chinese people are really good at swallowing their anger. Those KOLs still shilling for Yang Zhou? They seriously deserve to go to hell.