Liang Xi's Crypto Legend: Lessons on High Leverage Risks from Turning a Thousand Yuan Principal into Two Hundred Million in Debt

24-year-old Liang Xi (real name Geng Zhiyu) has had a rollercoaster experience in the crypto world: from turning 1,000 yuan into hundreds of millions within a month in 2021, to now being in a 200 million RMB debt abyss. This post-00s trader’s story has become an extreme example of the risks of high-leverage trading in the crypto space.

The Rapid Rise of a Genius Trader

Liang Xi rose to fame following the May 19, 2021 incident. At that time, the crypto market was experiencing a sharp decline, and he keenly seized the opportunity. With only 1,000 yuan in capital, he used 100x leverage to short Bitcoin, employing quick entry and exit strategies and rolling positions. In just one month, he achieved exponential growth of his funds.

His trading frequency was astonishing—once reaching 1,454 trades in a week, averaging 8.65 trades per hour. This high-frequency approach allowed Liang Xi to capitalize on every market fluctuation. At his peak, his assets reportedly exceeded 40 million yuan. He posted luxury cars, designer goods, and trading screenshots on social media, even showing his bank account balance, attempting to prove his success. The claim of “being worth over a billion at 19” drew widespread attention but also skepticism.

Hidden Dangers and Psychological Pressure of High Leverage

Liang Xi’s life experiences gave him extraordinary resilience. At age 10, he was a nationally certified level-one swimmer; at 15, he won the Hebei Province championship in “Honor of Kings.” At 17, he was sent to a rehab school for internet addiction, an experience that taught him how to stay rational under extreme pressure. This mental toughness enabled him to remain clear-headed during ultra-high leverage trading—sleeping less than five hours a day but still accurately gauging market trends.

However, high-leverage trading is a double-edged sword. In the second half of 2021, Bitcoin rebounded, and Liang Xi’s judgment faltered. He failed to adjust his strategy in time and continued high-leverage operations in an attempt to turn the tide, resulting in multiple margin calls. His original assets of tens of millions vanished in a short period.

From King to Fall: The Zeroing Cycle of Repeated Failures

After liquidation, Liang Xi did not learn his lesson but instead fell into an increasingly aggressive cycle. He publicly claimed, “Give me 1,000 yuan again, and I can bounce back,” trying to revive himself with the same strategies. Yet each attempt ended in failure, earning him the nickname “Master of Zeroing” among netizens.

By 2022, Liang Xi was completely wiped out, losing over 50 million yuan. By early 2025, his debts had accumulated to 200 million RMB. During this period, rumors circulated that he was hospitalized multiple times for mental health issues. Although details are hard to verify, his social media posts showed he was under immense psychological stress. In 2024, he reportedly reached a point where he needed charity to survive.

A Comeback in 2025 Amid the Crypto Rebound

A turning point came in 2025. As the crypto market declined again, Liang Xi made a comeback, seemingly like a king returning. This time, with only a thousand yuan in capital, he attempted to pay off his 200 million debt in front of the public eye. From any perspective, this comeback was no easy feat—facing massive market volatility and overcoming psychological scars.

Liang Xi’s story serves as a warning to many trading enthusiasts: while high leverage can create miracles in the short term, it can also destroy wealth in an instant. Traders lacking risk management and psychological resilience are unlikely to survive long in this game, no matter how strong their mental toughness. Whether Liang Xi can truly turn things around in 2025 remains to be seen.