The recent post by Aoying is really a bit thoughtless, more than half of the comments are criticisms... To clarify, I also consider myself a fan of Aoying and have always admired his contract trading skills.

Let's first go through the flow of events:
1️⃣ On August 9, Aoying started shorting around 4180 with his trading account $ETH , at that time his account had a margin of 250,000 USDT and a follow-up amount of 1.8 million USDT;
2️⃣ Between August 10-13, ETH kept rising, but Aoying continued to add to his short position at 4200-4300-4500, and at the peak when ETH reached 4700+, Aoying's entire position was down 65%;
3️⃣ On August 13, Aoying closed his short position on ETH, and closed the follow-up; at this point, Aoying had 80,000 USDT left in margin, and the overall loss for fans following him was 1.2 million USDT;
4️⃣ On August 14, Aoying used his account with a balance of 70,000 USDT to short ETH at 4700. Due to the sudden plunge + pullback + continued drop in the afternoon, Aoying executed a 'legendary' operation, making a profit of 700,000 USDT in three trades over 8 hours, and then began to share profits on X.
5️⃣ In the early hours of August 15, Aoying published a 'Macau article' about himself on X, which generally stated that a friend took him to the casino to play, losing money every day, and on the last day, the friend didn’t take him, but he made money playing alone, using this to educate fans that those who follow should bear their own profits and losses;
5️⃣ On August 15, in Chinese, Aoying continued to share profits on X, and at this point, his small account balance had exceeded 1 million USDT.

There are actually quite a few conspiracy theories about the whole thing, with some saying that while Aoying was shorting with his trading account, his small account was hedging long, actually not losing money. Others say that Aoying intentionally shorted to force fans to liquidate, to profit from their losses.

Rationally analyzing this, these conspiracy theories are not very realistic. Aoying is someone who made tens of millions in real trading; he has no need to fabricate losses on the more than 100,000 margin of the follow-up account or from fans' losses. According to what he said, it’s not even enough to cover his trading fees for half a month.

The whole matter does not actually revolve around him losing more than 1 million USDT for fans in the follow-up (no one is guaranteed to win), nor about him making back more than 1 million USDT with his small account (although this does seem a bit shady).

I think the main reason fans are angry is that he not only profits and wildly shares on X but also posts to educate fans that they should bear their own profits and losses when following, and that trading should be done by oneself. To be honest, if that’s really the case, it’s better not to lead trades at all.