The 2021 "5.19" market event saw a trader using a few thousand yuan of capital with 100x leverage to short Bitcoin, earning over 30 million in a single trade. He was only 18 years old at the time and overnight became a legend in the crypto world.

Four years later, this trader remains active in the market, claiming to have turned 2,000 USD into 1 million USD within a few hours. 100x leverage, 200 trades per day, placing a bet every 5 minutes—such a pace of operation makes it hard to tell if he's a genius or a lunatic.

But the other side of the story is even more heartbreaking. Behind the massive unrealized gains, there are hidden risks of liquidation, 200 million yuan in debt, and extreme mental fluctuations. From a peak account value of over 40 million to being heavily in debt, this cycle of rise and fall, with such a short duration and deep decline, is enough to destroy a person.

High leverage is like a double-edged sword. It can amplify gains in extreme market conditions but can also wipe out everything in an instant when the market turns. 2% slippage, a sudden fluctuation, a misjudgment—these are enough to swallow all your chips. And strategies involving frequent trading, hundreds of transactions in a short period, are essentially a game of probability—win a thousand times, lose once, and everything is wiped out.

This case reminds all participants: high returns in the cryptocurrency market are inevitably accompanied by high risks. The crazy fluctuations in account balances often reflect extreme imbalance in psychology and life. The higher the leverage, the greater the mental test. Many people lose not only money in these ups and downs but also more important things.