From state-owned enterprise factory director to losing 3 million, the disappointed crypto trader in Feng Ge's lens

Open crypto Twitter, and you’ll always see those crypto gods bragging about assets exceeding 8 figures, making a killing on every contract.

Whether it’s filters or strength, in the crypto world, achieving big results is a rare stroke of luck that doesn’t belong to every ordinary person.

Recently, Bilibili’s well-known uploader “Feng Ge on the Run” (Feng Ge) documented the story of a man who was once a deputy factory manager at a state-owned enterprise in Handan, Hebei, who lost 3 million yuan due to crypto trading and saw his life fall apart.

As of the time of writing, the video has over 750,000 views, and discussions about the story are everywhere on social media.

Peeling back the glamorous illusion of sudden wealth, this is a real story of an ordinary trader trapped by information gaps and consumed by greed.

From factory manager to debt-ridden rideshare driver

The original interview did not mention the main character’s name, but the interviewee’s Bilibili ID is “Zheli Rebirth,” and we will refer to him as Rebirth Brother.

Once, Rebirth Brother’s life was enviable.

He revealed on camera that he was a deputy factory manager at a coal washing plant in Handan, Hebei, earning 9,000 yuan after tax per month, living in a mortgage-free house, driving an Audi, managing 20-30 people, and his deputy-level official status earned him respect from others.

In 2018, Rebirth Brother married his wife and had a five-year-old daughter, living a happy family life.

“We’re considered a middle-class family… not quite rich, but comfortable enough,” he recalled with a distant warmth in his tone.

Back then, he took his daughter to travel in Shandong and Zhengzhou, practicing the idea of “richly nurturing the daughter,” with his parents’ retirement pensions making the family financially stress-free. Such days were solid as a rock, with hardly any signs of collapse.

Now, everything has vanished into smoke.

At the start of the video, Rebirth Brother shows various loan apps on his phone and his debts, including owing over 100,000 yuan on one app, and his crypto losses totaling 3 million yuan, with every day a struggle to repay high-interest loans.

He now spends 13-14 hours a day driving for rideshare, earning about 300 yuan per day. After deducting car rent and living expenses, he’s left with only 100 yuan. He rents a single room for 600 yuan/month, with an independent bathroom being his last bit of dignity.

Million-yuan debts shadow him, with annual interest of 200,000 to 300,000 yuan. Most loans are overdue, and debt collection calls are incessant.

When asked why he agreed to Feng Ge’s interview and why he might reveal his story publicly, Rebirth Brother said:

“The main reason I initially refused your interview was because I was worried about affecting my work. Now that I don’t plan to go back to that job anymore, I have no more worries. I decided to just go out and make my own way, earn money to pay off debts.”

Contrasting his courage to face the camera and life is the collapse of his family:

Two months ago, his wife divorced him due to debt crisis, taking their daughter; his parents also lost hope, with his father’s message hitting hard: “This family no longer has you. Everything you had is gone.”

His five-year-old daughter, being too young to understand the truth, only knows “Dad went out to work.”

From a high-ranking state enterprise executive to a debt-ridden rideshare driver, his fall is truly heartbreaking. The rapid descent stems from the high leverage madness in the crypto circle and an obsession with turning debt into profit.

Shitcoins, high leverage, no stop-loss

His story may be a microcosm of countless ordinary traders—swallowed by greed and illusions, often not in a single all-in bet, but through a process.

In the camera’s view, Rebirth Brother also openly admitted his crypto journey: from initial gains to high leverage, a 3 million yuan loss was not a sudden crash but the result of countless impulsive actions.

His crypto enlightenment began even earlier with postal coin card trading. In the 2010s, postal coin cards, as an online financial product backed by stamps, attracted many retail investors. Rebirth Brother tried it and made a small profit of 10,000 to 20,000 yuan, narrowly escaping a crash, and gained confidence in “buy low, sell high.”

He admits that at that time he was still cautious, but this initial success planted the seed of speculation.

In 2020, he entered the crypto circle, starting with spot trading. Initially cautious, but greed quickly grew.

To chase higher profits, he began chasing shitcoins and opened contracts. Contract trading allows borrowing to amplify principal, with 10x, 50x, even 100x leverage, multiplying profits and risks.

He describes that with a few hundred yuan, he could initially make 40-50% profit, then gradually increased his bets, adding more to both principal and leverage.

Rebirth Brother calls this “dull knife cutting meat”: never fully investing all his money at once, more like boiling a frog in warm water—losing 20,000 yuan today, borrowing another 20,000 yuan tomorrow to keep going.

A humorous detail from the original interview is that uploader Feng Ge thought his staged entry was steady, while Rebirth Brother immediately denied this:

“Not really steady. If I had 20,000 yuan to open a contract today, I’d use very low leverage, not that high. Low-leverage shitcoin contracts are basically safe… because my mind was already twisted and perverted, I just wanted to make money back so badly that I’d start high leverage—10x, 50x, 100x—at the right moment.”

Clearly, Rebirth Brother underestimated the volatility of shitcoins, and liquidation was inevitable. Another reason he kept borrowing money to fill the gaps was his lack of discipline in trading.

He says his biggest flaw was not setting stop-losses. Even after setting a stop-loss, he would cancel it, fantasizing that the price could rebound.

This irrational gambling led to repeated liquidations and borrowing to continue, but everyone knows the final outcome.

Four loans, no turnaround

In 2020, he exhausted his 10,000 yuan savings, experiencing his first liquidation.

He borrowed 100,000 yuan via Alipay’s Jiebei and AnyiHua, and borrowed 120,000 yuan from friends and family, filling a 220,000 yuan hole. His parents emptied their savings to pay it off. After that, he promised to quit, but within less than half a year, he was tempted again by news of Bitcoin’s surge… convincing himself he had a chance.

The second time, he borrowed 150,000 yuan online, 150,000 from friends and family, totaling 300,000 yuan, continuing high-leverage trading. After liquidation, he deceived himself: “A few ten-thousand yuan, I can slowly solve it,” but this buried a bigger risk.

By 2023, debt soared to over 600,000 yuan, and online loans and borrowed money from friends and family could no longer cover the debts. He sold his sister’s less-than-70-square-meter apartment for 500,000 yuan, and relatives chipped in another 100,000 yuan, finally paying off the debt.

But this brief “escape” did not bring relief; instead, it deepened the twisted psychology of needing to earn back what was lost—selling the house made his sister lose her dowry, and his parents were shocked and emotionally collapsed. He clearly felt guilty and admitted, “Living is very oppressive.”

The crypto cycle continues, and stories of sudden wealth from downturns attract and influence the disillusioned, fueling their desire to re-enter and win back.

In 2024-2025, he mortgaged his house, borrowed high-interest loans ((20-30% interest), and borrowed 300,000 yuan online to continue trading, pushing his total debt over a million yuan.

Of course, every time he borrowed to open contracts, he never turned things around.

Debt costs more than money—it destroys trust. To raise funds, he lied and deceived friends and family; friends who knew him well understood that when you tell a lie, you often need bigger lies to cover it, draining more relationships and trust.

“Pretending to be a good person in front, a devil behind… even the bottom line of being human is gone…” During his torment, Rebirth Brother’s secret eventually came to light.

A friend tipped off his wife, exposing his total debt, leading her to collapse and file for divorce; his parents, upon learning he mortgaged the house, also lost hope and left this message:

“You’ve gone mad. You mortgaged the house… this family no longer has you.”

After the interview with Feng Ge, Rebirth Brother also opened an account and warned everyone not to borrow money to play similar products: “I personally destroyed a very good life.”

The word “turning around” can refer to a subway station in Shenzhen, a desperate fantasy after losing too much, but more likely it’s a snowballing greed abyss.

Xiang Xi’s support, a long road ahead

After Feng Ge’s video went viral, KOL Liang Xi, known for loving contract trading in the Chinese crypto circle, posted that he would fund Rebirth Brother with 50,000 RMB and provide an additional 60,000 RMB as monthly living expenses (5,000 RMB per month) for a year to prevent him from continuing to trade.

Liang Xi naturally understands Rebirth Brother—both are dancing on the edge of contract knives, having experienced liquidation firsthand. This act of help seems more like rescuing a former self.

But any good deed should have boundaries.

Rebirth Brother’s crypto addiction cannot be ignored. His obsession with “turning around” and sunk costs might lead him down an irreversible path, especially in crypto culture where “borrowing to turn around” stories are everywhere. Moreover, the person lending him money, Liang Xi himself, is also a master of contract drama effects.

Would a contract expert lend you money to help you stop playing contracts?

Don’t forget, in reality, Rebirth Brother still makes a living as a rideshare driver. The hard-earned money from physical labor is still too slow compared to the fleeting thrill of short-term contracts.

A million-yuan debt shadows him, and we still don’t know which path he will choose—whether for another shot at sudden wealth or to redeem his lost dignity. **$ZEC **$SHIB