According to a Chinese crypto news outlet 8btc, a 42 year old trader took his life after he lost 2,000 bitcoins in a single trade. He lost to the market with a 100x leverage on margin trade.
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The 42-year-old trader, who was also one of the founders of BTC.TOP is not a new trader on cryptocurrency. It was unexpected of him to take his own life after losing his money. He had lost 2000 bitcoins worth 16,233,280 dollars at $8116.64 at press time.
BTC.TOP is a data analysis center in China and a service provider on other crypto related activities. He is renowned for making brilliant trades with much gains. He had advised some traders about possible market loss shortly before his death according to his WeChat history.
It was reported that Yi trader entered a short position with a 100x leverage on June 5, 2019.. “this was uncharacteristic of him when he trades. He was confident of his experience but he lost to the market” said his partner.
Yi was a successful entrepreneur in the Chinese crypto scene. He co-founded the BTC.TOP platform, a startup that has made a notable success in crypto industry.. BTC.TOP had previously attracted Softbank China Venture Capital (SBCVC) interest who even sought to invest with the company back in2018. Yi served in several international organizations including IBM China where he was a senior product manager.
Just recently, Japan pushed down on margin trading in crypto. The enforcement saw margin trading leverage down to at most four times the initial capital.