On the afternoon of April 9, Liang Xi shared his daily profit record of 25.04 million Chinese Yuan in a WeChat group, once again causing a stir in the cryptocurrency community. However, on April 10, Liang Xi's account's transaction record showed that his 50x short position on BTC lost 1.71 million US dollars, equivalent to about 12.5 million Chinese Yuan, giving back half of the previous day's earnings. This roller-coaster trading style is precisely Liang Xi's most striking characteristic—where Chinese Yuan is like play money, scattering thousands of dollars as if it were nothing.

Liang Xi, whose real name is Geng Zhiyu, became a nationally ranked level one swimmer at the age of 10, won the Hebei Province championship in "Honor of Kings" at 15, and was sent to an internet addiction rehabilitation school by his father at 17 due to his gaming addiction. From an ordinary young man in a small town in Shandong, he has become one of the most controversial KOLs in the cryptocurrency community, with his every move filled with drama. High leverage, creating gimmicks, community marketing, emotional trading... These labels almost define his investment style and personality traits, making his experience in the crypto world akin to a roller-coaster ride.

Leverage Maniac: The Gambler's Mindset Taken to the Extreme

In the early days of the crypto world, with a lack of mature financial instruments, retail investors looking to make quick gains could only turn to contract trading. At that time, exchanges had not yet introduced a variety of financial products, staking, or DeFi gameplay. Contracts were the only gambling table for retail investors to achieve upward social mobility, and Liang Xi is a typical representative of this phenomenon.

What made Liang Xi famous was the 519 Incident of 2021.

In May 2021, Liang Xi used only 1,000 Yuan from his father's bank account to short Bitcoin with 100x leverage, employing a fast-in, fast-out scalping strategy and a liquidation rolling strategy, averaging one trade every 5 minutes, with 1454 trades in a single week. He turned this initial capital into tens of millions of Yuan within a month, reportedly reaching over 40 million at its peak, achieving deity-like status in one battle and being hailed as the "Contract God" and "Genius of the Crypto World."

Image source: Internet, claimed to be a screenshot of Liang Xi's account balance after the "519" incident

After gaining fame, he flaunted his luxury cars (allegedly a Lamborghini), branded goods, and trading screenshots on Weibo, even publicly disclosing his bank card balance to prove his success. He once claimed to be "worth over 100 million at 19," attracting a lot of attention but also skepticism. This explosive wealth growth is inseparable from his extreme trading methods: high leverage, aggressive short-term trading, and a willingness to take big risks. On several occasions, he publicly stated that he was accustomed to using 100x leverage, believing that only through gambling can one have a chance, and even risking his entire net worth.

Image Source: Weibo

However, the myth of the crypto world often has a dual nature. Liang Xi's high-leverage operations, which brought him success at his peak, also caused him to quickly fall from grace amidst market turmoil. During Bitcoin's rebound in the second half of 2021, Liang Xi continued to use a high leverage strategy (often up to 100x), but a judgment error led to a liquidation. His assets plummeted from over 40 million yuan at the peak to a huge loss, even plunging into debt of millions. From being worshipped as a "genius trader," he rapidly descended to become a topic of discussion in the community as a "debt-ridden" individual.

Although still engaging in various "abstract behaviors" online, Liang Xi found himself heavily indebted for a long period afterward, being pursued and evading debt collectors daily. On July 6, 2023, Liang Xi posted on Coin saying he was currently in debt of 130 million; on June 19, 2024, Weibo influencer Xiaoxia announced that Liang Xi was sentenced to two years in prison for a 10,000U fraud. On the China Judgment Online website, records show that on November 2024, Liang Xi's public information was enforced by the People's Court of Lixia District, Jinan City.

Image Source: China Judgment Online

Nevertheless, he did not give up his "gambler's faith," and even with his debts, he continued to aggressively leverage.

The turning point in the story occurred in 2025. On February 24, 2025, when Bitcoin plummeted to $86,000, 400,000 people were liquidated across the network. Liang Xi used 2000U with 50-100x leverage to trade ETH in a volatile market, going short and then long, earning over 1 million U in a single day, shocking the market. On March 10, 2025, during Bitcoin's $89,000 oscillation, Liang Xi once again used 2000U with 100x leverage, seizing short-term opportunities, earning a staggering $8 million overnight, sparking a craze of "Liang's Return" on social media.

His logic was simple: as long as he guessed right once, he could rise again. Liang Xi's leverage philosophy made him one of the most legendary traders in the crypto world. He had experienced both extraordinary wealth through leverage and become an underdog due to reckless gambling. The prolonged pressure and excessive excitement also led to his mental state becoming increasingly unstable. To onlookers, Liang Xi seemed like a reckless "madman," someone teetering between "genius" and "madman," engaging in an ultimate human and price game in the market.

Clickbait Master: Marketing Genius in the Crypto World

The early days of the crypto world saw a brutal ecosystem for protecting rights, with frequent exchange exit scams and rug pulls by project teams. In the absence of legal oversight and with no redress for retail investors' complaints, extreme actions were taken to garner attention. Liang Xi's widely known "live-streamed pesticide suicide" in 2023 was not a novelty but rather a bizarre continuation of the 2018 "DDV rights protection incident" – that year, investor Yang Chao, after losing over 11 million RMB on OKCoin and OKEx, rushed to the exchange's headquarters with paraquat to seek justice from Xu Mingxing, sparking an internet sensation.

Liang Xi deeply understands this strategy, where creating clickbait is the key to maintaining his popularity. By riding the trend, engaging in sensationalism, and performing charity work, his essence lies in using "self-destructive marketing" to seize the narrative. This logic of "exchanging life for traffic" in rights protection is also the desperate resistance of early retail investors under systemic oppression.

Riding the Trend: "Crypto New Year's Gala" on Space Wins Founders' Attention

On the evening of October 17, 2022, TRON founder Justin Sun and Huobi co-founder Du Jun joined Liang Xi's Twitter Space live stream, announcing unconditional provision of $50,000 in trading funds each for Liang Xi to open positions on Huobi. Although this $100,000 fund was soon depleted, the Space attracted a large number of users, with over 9,000 concurrent viewers, setting a record for Chinese crypto Twitter and reaching the top spot on Twitter's global real-time Space ranking. Justin Sun praised Liang Xi, stating, "Liang Xi symbolizes the spirit of our crypto community to be more resilient in adversity, representing our shared belief that in the crypto world, 'we may be defeated, but we will not be destroyed,' which holds particular significance for those persevering in their dreams during a bear market."

Sensationalism: Crypto's "Paraquat Psycho"

Liang Xi has made numerous extreme statements and sensational images on public platforms. On July 6, 2023, Liang Xi posted on a crypto platform that he was in debt for 130 million RMB and also claimed he was about to make a big news headline in a kindergarten, intending to ride the wave of hype surrounding the random stabbing incident at a kindergarten in Lianjiang, Guangdong Province. This demonstrates a reckless and callous disregard for human life. According to Xia Xia Life's disclosure, Liang Xi has been taken into custody due to this statement.

On September 6, 2023, Liang Xi announced on Weibo that he was going to drink pesticide to commit suicide. He posted a confession on social media, stating that he had no way out, and if he did not take the poison, he would be condemned by heavens and earth. Today, he would take the final step because he was framed, slandered, and blackmailed by Chen Zhi Chao (Ah Chao). He immediately said he would compile evidence of Chen Zhi Chao framing him. He also posted a video in the community, showing his extremely unstable mental state. After apologizing to those who supported him, he took out a bottle of paraquat, drank it in an attempt to commit suicide, and the video ended. This extreme act stirred up a huge controversy online, with numerous articles depicting scenarios similar to "a genius trader falling to the desperate situation of drinking pesticide." Liang Xi's popularity once again soared.

On March 13, 2025, Liang Xi publicly stated on Twitter that he suddenly announced that he had "taken transgender medication" and stated that he was "vomiting non-stop but will not undergo surgery." Combining Liang Xi's previous tweets, his reason for this action was due to a deep emotional injury he had previously experienced, and he did not want to develop feelings for girls again, so he wanted to completely cut off this thought by undergoing transgender transformation and focus on cryptocurrency trading. Due to throttling issues, the tweet has been deleted.

As expected, this sudden declaration and outrageous act instantly caused a social media storm, with discussions about his gender filling the air. Whether he did it truly out of mourning for love or to seek attention, this action indeed once again put him in the spotlight of the cryptocurrency circle.

Liang Xi understands the rules of traffic well. He is not just a trader but also a marketing expert who is good at creating topics. He rose to fame in 2021, breaking records in the Chinese crypto community on Twitter live broadcasts. Despite being embroiled in debt disputes, he exposed dark secrets within the circle. He faked suicide, drank pesticide, underwent transgender transformation, and was called by the media a "crazy yet genius trader." Every step he took was in tune with the rhythm of traffic.

Charity Work, Bringing Joy to the Needy

Liang Xi's contrasting side is that once he had money, he was willing to help those in need. On March 10, 2025, a netizen publicly sought help on Twitter, hoping someone could assist his wife who had a rare form of cancer. Liang Xi immediately retweeted the post, expressing his willingness to provide assistance. After verifying the facts, he donated $50,000 (approximately RMB 400,000) to the netizen to cover medical expenses and provide economic compensation. On March 15, Liang Xi posted a follow-up video, saying, "In addition to the $400,000 subsidy, I will cover all future domestic medical expenses, and if his wife's condition improves, I will sponsor them to travel to the Maldives or other tourist destinations, and I will fully reimburse all expenses!"

When some questioned if this was a "scripted" act, the beneficiary came forward to confirm that Liang Xi did indeed provide RMB 400,000 in assistance, and all the funds were received by March 15.

Despite loudly publicizing his charitable deeds, which may involve a publicity stunt mentality, expressing righteous indignation in small essays stating that he has finally turned the tide and slapped the faces of those who once looked down on him, and having thoughts of seeking fame, a noble person is judged by actions, not intentions. On April 9, 2025, Liang Xi donated another RMB 36,000 to a disabled fan. He has repeatedly stated that he understands the difficulties of the poor well since his family was economically disadvantaged when he was young. Now that he has earned money, he is willing to help those who are truly struggling.

Marketing Guru: From Retail Idol to Controversial Figure

Despite the continuous transformation and upgrade of the cryptocurrency industry as it has developed, gradually shedding its grassroots nature from the early days, its essence has not changed. It remains the most realistic battleground.

During the peak of the cryptocurrency market in 2021, Liang Xi established his own fan community, referring to them as the "Liang Family," creating a sense of family-like belonging. To maintain the community's enthusiasm, he not only interacted frequently but also generously distributed red envelopes to reward his fans multiple times, even maintaining this behavior when facing significant trading losses. This "generous" image made his fans incredibly loyal.

After losing hundreds of millions in high-leverage trades, he did not disappear but openly admitted his failure, even self-deprecatingly calling himself the "most miserable trader on the web" during live broadcasts, successfully garnering sympathy. He often shared his market predictions and trading positions on social media, showcasing them prominently regardless of gain or loss. On May 29, 2024, Liang Xi became a copy trader on the Bitget exchange, with each transaction drawing more market attention. Faced with increasing influence, both to reduce losses for those copying his trades due to his flawed judgments and to mitigate the market impact of his own trading behavior, on March 12, 2025, Liang Xi announced that he would remove all copy traders with positions exceeding $1000.

However, as time passed, cracks began to appear in his "Liang Family" community. The reason was simple: a debt issue severely challenged his credibility. In September 2024, several creditors publicly accused him of not repaying his debts on social media platforms. Some even confronted him directly during X's live Space, causing Liang Xi to face a public relations storm. Faced with this situation, his response remained consistent: creating more significant headlines to cover up old controversies, leading to various staged events as mentioned earlier. In early 2025, he once again attempted to revive his reputation, putting forward the slogan "Make the Cryptocurrency Market Great Again" to continue uniting the "Liang Family" to "rectify the cryptocurrency market."

The "money above all" logic of the cryptocurrency world is vividly demonstrated in Liang Xi's experience: praised as the "Young Buffett" when making money, he was reduced to a "crazy gambler" when losing money, enjoying glory in success and facing isolation in defeat.

Liang Xi's story is not only a microcosm of the cryptocurrency world's wealth myth but also a case of the backlash of high-leverage trading. His frenzy and downfall are a bloody allegory of the cryptocurrency industry's wilderness era, with his gambler's strategy, headline-grabbing actions, and followers turning against him all reflecting the struggles of early retail investors in an unregulated market. As the industry moves towards compliance, with institutions replacing grassroots players as the main characters, Liang Xi's story will eventually become a tear of the times, reminding future retail investors that the myth of sudden wealth is not their salvation but a cruel game of capital and luck.

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