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. The scale of the funds he managed was 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 being cautious, he doubled down on 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 leverage infinitely. Yesterday, someone in my group actually brought up this nonsense again, and I immediately shut it down with two punches... So yeah, you get it. By 2022, he finally blew up with a supermassive $10 billion-level disaster. Because Babel Finance’s users were mostly old miners with limited financial knowledge, in the last year of PoW, it wiped out a lot of OGs in the crypto space... In my opinion, the Babel blow-up hurt my circle of friends way more than FTX. FTX owed $8 billion, Yang Zhou owed $7 billion—pretty much on par. But, you know, Chinese people are just better at swallowing their anger. The fact that this guy can still run projects is nothing short of a miracle. And those KOLs still shilling USDX for Yang Zhou? They seriously deserve to go to hell.