Chinese Cryptocurrency Trader Loses 2,000 BTC and Commits Suicide

As cryptocurrency trading occurs 24 hours a day without requiring heavy labor, the potential profits and advantages are beyond imagination. However, there everything is a trial and error process. Those who are especially soft-hearted may find it fun to watch, but at the moment of batting, they agonize over whether to buy or sell, and eventually end up with the poor result. "Why would the price go down if I bought it, and and go up when I sell it?" Many people question..

The 42-year-old Chinese trader was not a cryptocurrency beginner. Before working with cryptocurrency, he was a senior project manager who belonged to several international companies, including IBM China and Microsoft and engaged in long-term transactions. Not to mention, he was a founder of BTE.TOP, a provider of cryptocurrency-related services from a data analysis company. He was known for his amazing speculation in the cryptocurrency market, according to China's cryptocurrency agency 8btc.

His writings on the Chinese messenger WeChat also advised him about the direction of the market just before he committed suicide. But he allegedly committed suicide on June 5th, after losing 2,000 BTCs at once from speculating in a short position with a 100-fold leverage.

He was one of the new founders of China's cryptocurrency industry. He co-founded BTE.TOP, an emerging company that has drawn great attention in China and Korea. According to reports, the Soft Bank China Venture Capital (SBCVC) was considering investing in the company in 2018. BTE is in charge of SBBCVC, the Chinese branch of Japanese conglomerate Softbank. It says it was in the midst of conversations with the TOP on investment, but it did not reach a conclusion.

His death is unfortunate. The nature of the industry and highly volatile leverage speculation has both huge risks and benefits. Therefore, some countries limit the maximum leverage. What's important is that the cryptocurrency currently has no internationally unified regulation. In some cities, it accelerates the law and imposes a strict ban on it.

As the saying goes, "It's too early to think it's too late," we hope that the regulation guidelines for cryptocurrency will be established in different countries as soon as possible to further blossom the fourth industrial revolution.

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