Chinese based firm, BTE.TOP offers services to digital currency market; unfortunately, the CEO of the firm Hui Yi has committed suicide. The reason for him taking this step could be due to huge loss while trading Bitcoin through 100x leverage. While trading with Bitcoin, he nearly lost 2,000 BTC that were of his clients.
The Chinese businessman was 42 years old; he ended his life on 5 June 2019. He was trading Bitcoin with 100x leverage, and this made him lose all of his funds. The news of his death was informed by his ex-partner over the social media platform.
Considering today’s Bitcoin price, he lost 15.6 million that’s a huge amount. He had established his own crypto firm BTE.TOP and over the years gained experience in crypto trading and was recognized as a popular digital currency trader with numerous exact calls.
He was alleged of stealing Bitcoin of worth 2,000 from his clients in order to short the top-ranked cryptocurrency BTC with 100x leverage trading, which made him to end his life.
100x leverage trading means even a move of 1 percent in a result, the trader to lose all of his funds from the account.
However, it was noticed on May 31 that Hui was active on the Chinese social platform WeChat group and also forecasted on the group the price of Bitcoin might fall-down and hit below $7000 resistance level in intraday trading.
Much detailed information was not disclosed on how Hui ended his life. The clients of Hui are literally in shock and questioning about why the well know crypto trader took such a decision and also worried about their funds that are lost.
Source also mentioned that the company had already closed a month ago and also indicated that Hui was using clients fund to trade despite of the fact that the company had closed all its crypto relation operations.
Some people think that the death of CEO is not true, he has already gained a lot even before experiencing the huge loss, and there is no point for him to commit suicide.
On the other side, it seems like the CEO was going through financial crisis at some point and trading with the funds of his users was the last option an attempt to recover funds and was unsuccessful, led him to end his life. Leverage traders are so much interested in earning a high profit that they forget the huge risk involved while trading with it.
Some of the crypto traders even put their real estate properties at risk in order to perform the trading operation with leverage, thinking of becoming rich within a day, but most of the traders face huge losses.
The crypto community of China is in shock by knowing the death of a well-known crypto trader. Some people doubt of his death and said:
Some observers even suggest that Hui faked his own death to abscond with the 2,000 BTC, as they believe the seasoned market trader must have earned a lot before it and there’s no need for him to give up his life for losses like this,
Lylian Teng mentioned.
The CEO Hui before establishing BTE.TOP was working for IBM at China as a senior researcher and was also a senior product manager at Microsoft from 2003 to 2008 period.