Chinese entrepreneur commits suicide after 2,000BTC loss
Cryptocurrency trading is not suitable for people with reckless behaviour tendencies. Every day, people get “ rekt ” by over leveraging positions on crypto-exchanges like Bitmex. The highest leverage open for traders on Bitmex is 100x. This means the user can open positions 100 times larger than the capital they hold. Such trades are highly risky, as less than 1% movement against a user’s position will cause liquidation. Unlike the equities and foreign exchange markets, 1% movements in a day are considered negligible in the cryptocurrency market, considering how volatile it can be.
Although many got involved in the cryptocurrency market because of “million-dollar dreams”, risk management remains the most important aspect of trading in any market, and the cryptocurrency market is no exception.
Unfortunately, a life was recently lost because of over-leveraging. Hui Yi, a Chinese crypto entrepreneur, committed suicide after losing 2,000BTC ($16,000,000) of his clients’ capital by opening positions with 100x leverage. 42-year-old Hui was the CEO and co-founder of BTE.TOP. Rumours have surfaced on the internet saying that Hui embezzled 2,000BTC of client’s money to short Bitcoin with 100x leverage and got liquidated.
The event is very unfortunate and saddens us. We hope this serves as a reminder to people not to risk funds they cannot afford to lose and not to ignore risk management.
Image licensed via Shutterstock
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