chepicap.com
A Chinese businessman has commited suicide after losing 2,000 BTC when trying to short Bitcoin with 100x leverage.
8BTC reports that 42 year old Hui Yi, CEO of BTE.TOP which specializes in data analysis and provides services for cryptocurrency markets, has passed away on June 5.
Hui was suspected of embezzling 2,000 BTC from users of the firm to short Bitcoin with 100x leverage and lost all the funds. Hui had become a well known crypto trader with several accurate calls garnering the serial entrepreneur a following. Hui started his own crypto startup, BTE.TOP.
No direct information has stated how Hui passed away, however the death of the CEO has left clients wondering why a seasoned trader went 'all in' and what will happen to their lost funds.
8BTC also reports that the firm had in fact been shut down over a month ago, implying that Hui was trading clients funds while the company was in fact not even in operation.
Some believe the CEO has faked his own death, suspecting that Hui had earned a lot before the major loss and there would have been no need to commit suicide.
It appears that Hui may have been in financial trouble to some extent and the trading of clients funds was a last ditch effort to recover, and it failed.st leverage traders are so addicted to the illusion of high profits that they absolutely forget the risks in it. Some even risk mortgaging their real estate to trade cryptos with leverage, dreaming of getting rich overnight, but most end up with debt instead.