The deputy director of a state-owned enterprise traded in cryptocurrencies and owed 3 million yuan. After his wife and children left him, he drove an online car-hailing service to pay off the debt

When you open Crypto Twitter, you can always see cryptocurrency gurus showing off that their assets exceed eight figures and that they can make unlimited money with a single contract.

Be it filters or strength, being able to get great results in the cryptocurrency world is a luck that does not belong to every ordinary person.

Recently, the well-known up-host "Feng Ge Wang Ming Tian Ya" (Feng Ge) on Bilibili recorded with his camera the story of a man who was once the deputy director of a state-owned enterprise in Handan, Hebei, and whose life fell into ruin because of losses from cryptocurrency speculation and debts of 3 million.

As of press time, the video has been viewed 750,000 times, and there is a lot of discussion about the story on social media.

Tearing aside the glamorous illusion of getting rich quickly, this is a true story of an ordinary cryptocurrency trader who is constrained by information asymmetry and trapped by greed.

From factory manager to driving a ride-hailing car with debt

Since the original interview did not mention the specific name of the protagonist of the story, but the interviewee’s B station ID is “浙里重生”, he will be referred to as “重生哥” in the following text.

Once upon a time, Reborn Brother’s life was enviable.

According to what he revealed in front of the camera, he was once the deputy director of a coal washing plant of a state-owned enterprise in Handan, Hebei Province, with a monthly salary of 9,000 yuan after tax, lived in a house without a mortgage, drove an Audi car, and managed 20-30 people. His status as a deputy section-level cadre also brought respect from others.

In 2018, Chongsheng Ge married his wife and they have a five-year-old daughter. They have a happy family.

"We can be considered a well-off family... not as good as the rich but better than the poor." There was a distant warmth in his tone as he recalled.

At that time, he took his daughter to travel around Shandong and Zhengzhou, practicing the concept of "raising a daughter in wealth". The pension of his parents made the family have no financial pressure. Such days are as solid as a rock, and it is difficult to find signs of collapse.

Now, everything has been reduced to ashes.

At the beginning of the video, Chongsheng Ge showed the interfaces and debt situations of various loan apps on his mobile phone. He owed more than 100,000 yuan in loans on one of the apps, and cryptocurrency speculation also caused him to lose a total of 3 million yuan. He worked hard every day to pay off the high loans.

Now he drives an online taxi for 13-14 hours a day, earning 300 yuan, and after deducting car rental and living expenses, he only has 100 yuan left. He rents a single room for 600 yuan a month, and the private bathroom is his last dignity.

Millions of debts follow him everywhere, with annual interest of 200,000 to 300,000 yuan. Most of the loans have been overdue, and debt collection calls are endless.

When asked why he accepted Feng Ge's interview and why it might be made public, Chongsheng Ge said:

"The main reason I refused your interview was because I was afraid of affecting my work. Now I have no intention of going back to work, and I can't go back. So I just don't have any worries and work hard outside to make money and pay off my debts."

In contrast to the courage to face the camera and life, is the collapse of the family:

Two months ago, his wife divorced him due to a debt crisis and took their daughter away. His parents were also completely desperate, and his father’s text message was even more heartbreaking: “This family no longer has you, and everything for you is over.”

The five-year-old daughter was too young to know the truth and only knew that “Dad went out to work.”

From state-owned enterprise executives to debt-ridden drivers, the fall of the interviewees is indeed regrettable. The reason for the rapid fall is the craziness of high leverage in the cryptocurrency circle and the obsession of borrowing to turn things around.

Altcoins, high leverage, no stop loss

His story may be a microcosm of countless ordinary cryptocurrency speculators - being swallowed by greed and illusions is often not an all-in, but a process.

Under camera, Brother Chongsheng also confessed his journey in the cryptocurrency circle: from the first taste of sweetness to high leverage, the loss of 3 million was not an overnight collapse, but the accumulation of countless obsessive behaviors.

Chongshengge's introduction to the cryptocurrency world began with earlier stamp, coin and card trading. In the 2010s, stamp, coin and card, as an online financial product, claimed to be backed by stamps, which attracted countless retail investors to enter the market. Chongshengge made a small profit of 10,000 or 20,000 yuan after trying the waters, and luckily escaped the crash, accumulating the confidence to "buy low and sell high".

He admitted that he was still cautious at the time, but this sweet taste had already planted the seeds of speculation.

In 2020, he entered the cryptocurrency circle and began to try spot trading. He was cautious at first, but his greed was soon magnified.

In order to gain more profits, he began to chase altcoins and opened contracts. Contract trading allows borrowing to magnify the principal, and 10x, 50x or even 100x leverage can multiply profits and risks.

According to his own description, he could initially make a profit of 40-50% with a capital of several hundred yuan, so he began to gradually increase his investment, both in terms of capital investment and leverage ratio.

Brother Chongsheng himself described this as "cutting meat with a blunt knife". He never borrowed money at once and invested it all in one go. It was more like boiling a frog in warm water. Today he recharged 20,000 yuan and lost it, and tomorrow he had to borrow another 20,000 yuan to recharge and try again.

A hilarious detail in the original video interview is that the up master Feng Ge thought that his behavior of entering the market in batches was still steady and solid, while Chongsheng Ge immediately denied himself:

“It’s not a steady approach. If I had 20,000 yuan to open a contract today, I would open a very low leverage, not such a high leverage. Low-leverage altcoin contracts will basically not have any problems... Because at that time, my mind was already twisted and abnormal, and I wanted to make back my money so much that I would start high leverage at a point I thought was appropriate, and I had opened leverage of 10 times, 50 times, and 100 times.”

Obviously, Chongshengge underestimated the volatility of altcoins in the cryptocurrency circle, and it was reasonable for him to blow up his position. Another reason why he kept borrowing money to fill the hole was that he had no discipline in trading.

Brother Chongsheng said that his biggest problem was that he did not set a stop loss. After setting a stop loss, he would cancel it, fantasizing in his mind that there would be a rebound.

This kind of irrational game caused him to be liquidated time and time again, and he had to borrow money again and again, but everyone knows the final result.

Borrowed money four times, but never got a chance to make a profit

In 2020, he exhausted his savings of 10,000 yuan and tasted the bitter fruit of a margin call for the first time.

He borrowed 100,000 yuan through online loans such as Alipay Jiebei and Anyihua, and relatives and friends raised 120,000 yuan to fill the 220,000 yuan hole, and his parents emptied their savings to pay it off. After that, he promised not to play, but less than half a year later, he rekindled the idea, "seeing the news of the surge in Bitcoin... made me mistakenly think that there was a chance."

The second time, he borrowed 150,000 yuan from online loans and 150,000 yuan from relatives and friends, a total of 300,000 yuan, and continued to speculate in cryptocurrencies with high leverage. After the liquidation, he deceived himself that "tens of thousands of yuan can be solved slowly by myself", but it buried a greater hidden danger.

In 2023, the debt soared to more than 600,000 yuan, and it was difficult to raise enough money to pay back the money through online loans and loans from relatives and friends. He sold his sister's house of less than 70 square meters for 500,000 yuan, and his relatives gave him another 100,000 yuan, and he once again completely paid off his debts.

However, this short-lived "landing" did not bring him relief, but instead deepened his twisted mentality of needing to earn back what he had lost - selling the house caused his sister to lose her dowry, and his parents were shocked and emotionally broken. He obviously blamed himself and said frankly that he "lived a very depressed life."

The cryptocurrency world has its cycles, and stories of gradually becoming rich from the bottom also influence the entry choices of the frustrated, and even become a motivation for them to enter the market again and win back the money.

From 2024 to 2025, he mortgaged his own house, borrowed 700,000 yuan in high-interest loans (20-30% interest) and 300,000 yuan in online loans to continue speculating in cryptocurrencies, causing his total debt to exceed one million yuan.

Of course, every time I borrowed money to open a contract, I didn’t get a chance to turn things around.

The cost of borrowing money is not only money, but also the collapse of trust. In order to raise money, he made up lies and deceived his relatives and friends. Friends who often lie also know that when you want to make up a lie, you often need to cover it up with a bigger lie, overdrawing more connections and credit.

"He pretends to be a good person in front of people and a devil behind their backs. He has no moral bottom line as a human being..." Brother Chongsheng finally encountered the truth in his torment.

A friend told his wife about his debts, which caused his wife to collapse and file for divorce. When his parents learned that he had mortgaged his house, they were completely desperate and left a text message like this:

"You have been possessed by a demon. You have even crushed the house...you no longer exist in this family."

After being interviewed by Brother Feng, Brother Chongsheng also opened his own account and warned everyone not to borrow money to touch similar products again, "I ruined my wonderful life with my own hands."

The word "turn around" can be the name of a subway station in Shenzhen, it can be the unwilling fantasy when one loses too much, but it is more likely to be a snowball-like abyss of greed.

Liang Xi helps, the road ahead is long

After Feng Ge’s video went viral, Liang Xi, a KOL who loves to open contracts the most in the Chinese cryptocurrency circle, posted a message announcing that he would provide Chongsheng Ge with 50,000 RMB and an additional 60,000 RMB as monthly living expenses for one year (5,000 RMB per month) to prevent him from continuing to speculate in cryptocurrencies.

Liang Xi could naturally understand Chongsheng Ge, as they were both dancing on the edge of a contract and had both experienced the taste of liquidation. From the perspective of motivation, this wave of help was more like saving the former self.

However, any good deed should perhaps have boundaries in its implementation.

The psychological addiction of Chongshengge to cryptocurrency trading cannot be ignored. With the obsession of "turning over" and the blessing of sunk costs, he may still continue on the road of no return, especially in the cryptocurrency culture, where the narrative of "borrowing money to turn over" is everywhere, not to mention that the person who lent him money is Liang Xi himself, who has the full drama effect of the contract.

If a contract master lends you money to help you and asks you to stop playing with contracts, will you stop?

Don't forget that in reality, Reborn Brother is still relying on being an online car-hailing driver to make ends meet. The hard-earned money he saves by overdrawing his physical strength is still too slow compared to the pleasure brought by the short-term contract.

With millions of debts following him everywhere, we still don’t know which path he will choose, whether it is for another comeback or to redeem the lost dignity.