Cryptocurrency Trading leads to 3 million in debt, former state-owned enterprise executive's life falls to the bottom.

On cryptocurrency social platforms, we often see those "cryptocurrency trading masters" who boast about their assets exceeding 8 digits and making huge profits from contract trading. However, the lucky few who achieve great success in the cryptocurrency world are ultimately in the minority, and for the vast majority of ordinary investors, this dream of getting rich quickly is often difficult to realize.

Recently, a video blogger documented the true story of a man who was a former deputy factory director of a state-owned enterprise, losing 3 million due to Cryptocurrency Trading and falling into a low point in life. This story has sparked widespread discussion on social media. This case exposes the glamorous facade of the coin circle, showcasing how an ordinary investor is constrained by information asymmetry and greed.

From Executives to Ride-Hailing Drivers

The former state-owned enterprise executive (, referred to as "Rebirth Brother" below, once lived a comfortable life. He served as the deputy factory manager at a coal washing plant of a state-owned enterprise in Handan, Hebei, with a monthly salary of 9000 yuan, owning a debt-free property and an Audi car, managing 20-30 employees, and his status as a deputy section-level cadre also earned him respect.

In 2018, Rebirth Brother got married and had a daughter. The family lived a happy and fulfilling life, considered to be a well-off household. He often took his daughter out for travel, practicing the concept of "wealthy upbringing." The retirement pension of his parents also provided economic security for the family. At that time, life was stable and beautiful, showing no signs of collapse.

Now, all of this has become a thing of the past. The Rebirth Brother displayed the debt situation of various loan applications on his phone, with one platform alone owing more than 100,000 yuan. Cryptocurrency Trading has totaled a loss of 3 million yuan, and he struggles every day to repay the enormous debts.

![The vice factory director of a state-owned enterprise incurred 3 million in debt from Cryptocurrency Trading, and after his wife left and children were separated, he drives a ride-hailing car to repay the debt])https://img-cdn.gateio.im/webp-social/moments-991793d00e8881f3509e31a9ab7b3059.webp(

Now he drives a ride-hailing car for 13-14 hours a day, with a daily revenue of 300 yuan. After deducting car rental and living expenses, he is left with only 100 yuan. He rents a single room for 600 yuan/month, and having an independent bathroom is the last bit of dignity.

Millions of debt follow like a shadow, with annual interest as high as 200,000 to 300,000 yuan. Most of the loans are fully overdue, and the debt collection calls are incessant.

What is even more lamentable is that two months ago, his wife filed for divorce due to a debt crisis and took their daughter away. His parents are completely disappointed in him; his father wrote in a text message: "This family no longer has you, everything about you is over."

My 5-year-old daughter, due to her young age, does not know the truth; she only knows that "Daddy went out to work."

From a senior executive in a state-owned enterprise to a debt-ridden driver, the life trajectory of the reborn brother is truly lamentable. The root cause of such a drastic fall lies in the madness of high-leverage Cryptocurrency Trading in the coin circle and the obsession with borrowing to turn things around.

![State-owned enterprise deputy factory manager's Cryptocurrency Trading debts reached 3 million, divorced with children and now drives for ride-hailing to pay off debts])https://img-cdn.gateio.im/webp-social/moments-bcf63042c099f075252798bb33c97d2e.webp(

Shanzhai Coins, High Leverage, No Stop Loss

The story of the reborn brother may be a microcosm of many ordinary Cryptocurrency Trading enthusiasts - consumed by greed and fantasy, it is often not a one-time bet, but a gradual process of sinking.

He candidly admitted that the loss of 3 million yuan was not a collapse overnight, but rather the accumulation of countless impulsive behaviors.

The speculative journey of the Rebirth Brother began with the trading of postal currency cards. In the 2010s, postal currency cards attracted a large number of retail investors as an online financial product. He initially tried to make a small profit of around twenty thousand, narrowly escaping the crash, which helped him build confidence in "buying low and selling high." He admitted that although he remained cautious at the time, the seeds of speculation had already been sown.

In 2020, Rebirth Brother entered the cryptocurrency market, initially only engaging in spot trading, being very cautious. But greed quickly inflated, and he began to chase altcoins and attempt contract trading. Contract trading allows for leveraged borrowing to amplify the principal, with 10x, 50x, or even 100x leverage causing profits and risks to grow exponentially.

According to his description, an initial capital of a few hundred yuan could yield a profit of 40-50%, so he began to gradually increase his investment and leverage.

The reborn brother described this as "a dull knife cutting meat." He does not borrow a large sum of money all at once to invest, but rather like boiling a frog in warm water, today he deposits 20,000 yuan and loses it all, then borrows another 20,000 yuan tomorrow to continue investing.

Clearly, Rebirth Brother underestimated the volatility of altcoins, and liquidation was inevitable. Another reason he keeps borrowing money to cover losses is the lack of discipline in trading.

He admitted that his biggest problem was not setting stop losses; even if he set a stop loss, he would cancel it again, fantasizing that there would be a rebound. This irrational gambling led him to blow up his account time and again, borrowing money to continue, and ultimately falling into a quagmire.

![State-owned enterprise deputy factory director's Cryptocurrency Trading debts reach 3 million, family falls apart and drives for ride-hailing to pay off debts])https://img-cdn.gateio.im/webp-social/moments-457a6fc6ae56706f24d6b0b7ec97a12c.webp(

Four borrowings, none successful

In 2020, Rebirth Brother exhausted his savings of 10,000 yuan and experienced the bitter fruit of liquidation for the first time. He borrowed 100,000 yuan through online lending and raised 120,000 yuan from relatives and friends to cover the 220,000 yuan deficit, while his parents emptied their savings to pay it off. After that, he promised not to engage in Cryptocurrency Trading again, but less than half a year later, he returned to his old profession, "seeing the news of Bitcoin's surge, mistakenly thinking there was an opportunity."

For the second time, he borrowed 150,000 from online loans and 150,000 from friends and family, totaling 300,000 to continue high-leverage Cryptocurrency Trading. After the margin call, he deceived himself saying "a few tens of thousands can be resolved slowly", but in fact, this buried a greater hidden danger.

In 2023, the debt soared to over 600,000, and it was difficult to raise funds through online loans and borrowing from friends and family. He sold his sister's house, which was less than 70 square meters, for 500,000, and relatives contributed an additional 100,000 to pay off the debt again.

However, this brief "shore leave" not only did not free him, but instead deepened the twisted psychology of feeling the need to earn back the lost success. Selling the house caused his sister to lose her dowry, and his parents were emotionally devastated. He felt deeply guilty, stating that "life is particularly oppressive."

In 2024-2025, he mortgaged his own property and borrowed high-interest loans with an interest rate of 20-30% amounting to 1.7 million, and an online loan of 300,000 to continue Cryptocurrency Trading, causing his total debt to exceed one million.

Clearly, every time he borrowed money to open contracts, it failed to turn his situation around. 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; a friend revealed the truth to his wife, leading to the breakdown of their marriage; his parents, upon learning that he mortgaged their property, were completely devastated.

After the interview, the Rebirth Brother opened an account to warn everyone not to borrow money for similar products, "I personally destroyed my beautiful life."

The term "turning over" may just be an unwilling fantasy when losing too much, and more likely a deep abyss of greed.

![The deputy factory director of a state-owned enterprise accumulated 3 million in debt from Cryptocurrency Trading, and after his wife left him and his children, he drives for a ride-hailing service to pay off the debt])https://img-cdn.gateio.im/webp-social/moments-e329cc7781e5af58cb5686148c57c6b8.webp(

The road ahead is long.

After this story became widely circulated, a well-known cryptocurrency KOL announced that he would fund Rebirth Brother with 50,000 yuan and additionally provide 60,000 yuan as a monthly living expense of 5,000 yuan for one year ), to prevent him from continuing cryptocurrency trading.

This KOL can understand the situation of Rebirth Brother, as they have both danced on the edge of contract trading and have experienced liquidation. This assistance seems more like saving a former self in terms of motivation.

However, any good deed should have boundaries during its implementation. The cryptocurrency trading addiction of the Rebirth Brother cannot be ignored. Driven by the obsession of "turning the tables" and the sunk cost fallacy, he may still repeat his mistakes, especially in a context where narratives of "borrowing money to turn the tables" abound in the coin industry.

It is worth noting that Rebirth Brother is currently still relying on driving for a ride-hailing service to make a living. The accumulation speed of this hard-earned money is obviously too slow compared to the short-term stimulation brought by contract trading.

Faced with millions in debt, we cannot foresee what path he will choose - to take risks for the chance to become rich again, or to strive to regain lost dignity. In any case, this story is worth our deep reflection.