From Deputy Factory Director of State-owned Enterprise to Ride-hailing Driver: A Common Person's Nightmare in the Crypto World

Recently, a story about a former state-owned enterprise deputy factory director who incurred a debt of 3 million due to trading coins and fell to the bottom of his life has sparked heated discussions on social media. This real case reveals the enormous risks faced by ordinary investors in the crypto world.

The protagonist of the story was once the deputy director of a state-owned coal washing plant in Handan, Hebei, with a monthly salary of 9,000 yuan and a comfortable life. In 2018, he got married and had a daughter, enjoying a happy family life. However, he is now heavily in debt and barely makes a living by driving a ride-hailing car for 13-14 hours a day.

The former deputy director's journey in the crypto world began in 2020. Initially, he conducted spot trading cautiously. However, greed soon took over, and he began to chase altcoins and engage in high-leverage contract trading. He described his investment process as "cutting meat with a dull knife," constantly borrowing money to cover losses, hoping to break even.

However, his trading lacks discipline, often canceling stop-loss orders and fantasizing about a price rebound. This irrational behavior has led him to face liquidation multiple times, with debts constantly rising.

Four large-scale loans became a turning point in his life:

1. Borrowed 220,000 yuan for the first time and paid it back using my parents' savings.
2. The second loan of 300,000 yuan, once again liquidated.
3. In 2023, the debt soared to over 600,000, and I had to sell my sister's house to pay off the debt.
4. In 2024-2025, mortgage your own property, borrow 1 million in high-interest loans and online loans to continue trading coins.

Every time he borrowed money, it failed to turn his situation around, instead causing his total debt to exceed 3 million. High interest rates and debt collection calls followed him like a shadow, leading to the disintegration of his family. His wife left with their daughter, and his parents were completely disappointed in him.

This case reflects the enormous risks that ordinary investors face in the crypto world. High-leverage trading and the obsession with "turning the tide" can lead to catastrophic consequences. It reminds us that we should remain rational when making any investments, strictly control risks, and never invest on debt or bet all our assets on high-risk assets.

For those who have already fallen into similar predicaments, it is important to recognize the severity of the problem, seek professional help, develop a practical debt repayment plan, and strive to rebuild their lives. This story also serves as a warning to us that while money is important, family, trust, and self-worth are invaluable treasures that should not be easily overdrawn or destroyed.