From a state-owned enterprise factory director to a loss of 3 million, Brother Feng captures the disillusioned cryptocurrency trader in his lens.

Written by: Deep Tide TechFlow

Open crypto Twitter, and you can always see those crypto gurus boasting about their assets exceeding 8 digits, making a fortune on a single contract.

Whether it's filters or strength, being able to achieve significant results in the cryptocurrency circle is not a luck that belongs to every ordinary person.

Recently, a well-known Bilibili content creator "Brother Feng on the Run" (Feng Ge) captured on camera the story of a man who was once the deputy factory director of a state-owned enterprise in Handan, Hebei, and has fallen into debt of 3 million due to losses from cryptocurrency trading.

As of the time of publication, the video has already received 750,000 views, and discussions about the story on social media are incessant.

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

From factory director to being in debt while driving a ride-hailing car

As the original interview did not mention the specific name of the protagonist, the interviewee's Bilibili ID is "浙里重生"; hereinafter he will be referred to as Brother Rebirth.

Once, the life of Rebirth Brother was enviable.

According to what he revealed in front of the camera, he was once the deputy director of a coal washing plant in a state-owned enterprise in Handan, Hebei, with a post-tax monthly salary of 9,000 yuan, living in a house without loans, driving an Audi, managing 20-30 people, and the status of a deputy section chief also brought him respect from others.

In 2018, Rebirth Brother married his wife and has a five-year-old daughter, leading a happy and fulfilling family life.

"We can be considered a moderately well-off family... not as good as those above us, but better than those below." He recalled, his tone carrying a sense of distant warmth.

At that time, he took his daughter to travel in Shandong and Zhengzhou, practicing the concept of "raising a daughter with wealth." The retirement pension of the parents relieved the family of any financial pressure. Such days were as solid as a rock, and it was hard to find any signs of collapse.

Now, everything is turned to ashes.

At the beginning of the video, the Rebirth Brother shows the interfaces of various loan apps on his phone and his debt situation, among which he owes more than 100,000 in one app, and trading cryptocurrencies has caused him a total loss of 3 million. He is working hard every day to pay off the high loans.

Now he drives for a ride-hailing service for 13-14 hours every day, making 300 yuan. After deducting car rental and living expenses, he is left with only 100 yuan. Renting a single room for 600 yuan/month with a private bathroom is his last bit of dignity.

Millions of debt follow like a shadow, with annual interest of 200,000 to 300,000, most of the loans are already overdue, and the collection calls are incessant.

When asked why he accepted an interview with Feng Ge and the possibility of it being made public, Chongsheng Ge said this:

"The main reason I initially declined your interview was that I was afraid it would affect my work. Now that I have no intention of going back to it, I can't return, so I have no more concerns. I'm just focusing on making my way out here, earning money and paying off debts."

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

Two months ago, my wife divorced me due to a debt crisis and took our daughter with her; my parents are also completely despairing, and my father's text message is even more heart-wrenching: "This family no longer has you, everything about you is over."

The five-year-old daughter, being so young, does not know the truth and only knows that "Daddy has gone to work."

From state-owned enterprise executives to debt-ridden drivers, the fall of the interviewees is indeed lamentable. The reason for the rapid decline comes from the madness of high leverage in the crypto circle and the obsession with borrowing to turn things around.

Shitcoins, high leverage, no stop loss

His story may well be a microcosm of countless ordinary cryptocurrency traders – consumed by greed and illusions, it is often not a gamble but a process.

Under the lens, Rebirth Brother also candidly shared his journey in the crypto world: from the initial taste of sweetness to high leverage, a loss of 3 million is not an overnight collapse, but the accumulation of countless impulsive behaviors.

The cryptocurrency enlightenment of Brother Rebirth began with earlier postal currency trading. In the 2010s, postal currency was touted as an online financial product supported by stamps, attracting countless retail investors. After experimenting, Brother Rebirth made a small profit of ten to twenty thousand, narrowly escaping the crash, and gained confidence in "buying low and selling high."

He admitted that there was still caution at the time, but this sweetness had already sown the seeds of speculation.

He entered the cryptocurrency space in 2020 and began to try spot trading. Initially, he was cautious, but his greed quickly escalated.

To gain more profit, he started chasing altcoins and opened contracts. Contract trading allows for leveraged borrowing of principal, with 10x, 50x, or even 100x leverage amplifying both profit and risk.

According to his own description, starting with a principal of a few hundred yuan, he was able to achieve a profit of 40-50% at first, so he gradually increased his investment, both in terms of the principal and the leverage multiplier.

The reborn brother describes this as "a dull knife cutting meat". He has never once borrowed money and put it all in for a gamble; it feels more like boiling a frog in warm water. Today he loses 20,000 yuan after charging in, and tomorrow he borrows another 20,000 yuan to charge in again to fight.

One amusing detail from the original video interview is that the uploader, Feng Ge, believes that his staggered entry approach is relatively steady, while Chong Sheng Ge immediately denied himself:

"It's not about being steady either. If I had 20,000 yuan to open a contract today, I would use a particularly low leverage and wouldn't go for high leverage. Low-leverage altcoin contracts basically won't have any issues... because at that time, my mindset would be twisted and perverse, too eager to earn back the money, I would start using high leverage at a point I considered suitable, even 10 times, 50 times, or 100 times."

Clearly, the Rebirth Brother underestimated the volatility of altcoins in the crypto world, and liquidation was within reason. Another place where he constantly borrows money to fill the hole is due to the lack of discipline in trading.

The Rebirth Brother said that his biggest flaw is not setting stop-losses, and even after he sets a stop-loss level, he will cancel it again, fantasizing that it can still bounce back.

This irrational game has led him to liquidate his positions time and again, borrowing money to continue, but the final outcome is something everyone already knows.

Four times borrowing money, none turned around.

In 2020, he exhausted his savings of 10,000 yuan and experienced the bitter consequences of a liquidation for the first time.

He borrowed 100,000 through online loans such as Alipay's Jiebei and Anyihua, gathered 120,000 from friends and family to fill a 220,000 hole, and his parents emptied their savings to pay it off. After that, he promised not to play anymore, but less than six months later, he reignited the idea, "seeing news about Bitcoin soaring... made him mistakenly believe there was an opportunity."

The second time, he borrowed 150,000 from online loans and 150,000 from friends and family, totaling 300,000, to continue trading cryptocurrencies with high leverage. After the liquidation, he deceived himself saying "a few tens of thousands can be slowly resolved by myself," but this laid a bigger hidden danger.

In 2023, the debt soared to over 600,000, and it was difficult to gather the money to repay loans from online lending and friends and family. He sold his sister's house, which was less than 70 square meters, for 500,000, and relatives supplemented with another 100,000, finally clearing the debt once and for all.

However, this brief "shore leave" did not bring him relief; instead, it deepened the twisted psychology of needing to earn back his sense of failure --- selling the house made his sister lose her dowry, and his parents were shocked and emotionally collapsed. He clearly felt guilty and bluntly stated that he "lives in a particularly oppressive manner."

The cryptocurrency market has cycles, and the stories of gradually becoming wealthy from the lows influence the choices of those who are disappointed, becoming a motivation for them to enter the market again and win back their losses.

In 2024-2025, he mortgaged his house and borrowed high-interest loans (20-30% interest) of 700,000 and 300,000 from online lending to continue trading cryptocurrencies, which also pushed his total debt over a million.

Of course, each time I borrowed money to open a contract, it didn't help me turn my situation around.

The cost of borrowing is not only money, but also a collapse of trust. In order to raise money, he made up lies to deceive relatives and friends into trusting them; Friends who often deceive people also know that when you want to fulfill a lie, you often need to cover it with bigger lies and overdraw more contacts and credit.

"Pretending to be a good person in front of others, while being a ghost behind their backs, there is not even a bottom line for being human..." The reborn brother also faced the consequences during his suffering.

A friend revealed his debts to his wife, leading her to break down and file for divorce; when his parents learned that he had mortgaged the house, they also fell into complete despair and left a message like this:

"You have become possessed; you have put the house under pressure... This family no longer has you."

After being interviewed by Brother Feng, Rebirth Brother opened an account himself and warned everyone not to borrow money to engage with similar products, "I have personally ruined a particularly beautiful life."

The two characters "翻身" can refer to a subway station in Shenzhen, represent an unwilling fantasy when losing too much, but more likely point to a snowballing abyss of greed.

Liang Xi is here to support, the road ahead is long.

After Peak's video was spread, the KOL Liang Xi, who loves to trade contracts in the Chinese cryptocurrency community, posted that he would sponsor Rebirth Brother with 50,000 RMB and additionally provide 60,000 RMB as monthly living expenses for one year (5,000 RMB per month) to prevent him from continuing to speculate on cryptocurrencies.

Liangxi can naturally understand Rebirth Brother, as they both dance on the tip of the contract knife and have experienced the taste of liquidation. This wave of assistance, from a motivational perspective, seems more like a relief for their former selves.

However, any good deed may also have its limits during implementation.

Brother Reborn's addiction to coin speculation cannot be ignored. With the obsession of "turning over" and the blessing of sunk costs, he may still continue to walk on the road of no return, especially in the currency culture, the narrative of "borrowing money to turn over" abounds, not to mention that the person who borrowed his money is himself Liangxi himself who is full of contract drama.

A contract master lends you money to rescue you, so you won't play contracts anymore. Will you stop here?

Don't forget, in reality, Rebirth Brother is still relying on being a ride-hailing driver to make ends meet. The hard-earned money saved from this physical exhaustion is still too slow compared to the short-term pleasure brought by contracts.

A million debts shadow us, and we still do not know which path he will choose, nor do we know if it is for another chance to become wealthy or to redeem the lost dignity.