A dYdX airdrop boosted his assets to around 50 million yuan, but five years later he went bankrupt. The journey began in 2012: back then, he promoted ad-software aggregators like Yun Zhuan and Mi Zhuan on Baidu Tieba and earned 5,000 yuan. In 2013, he invested in schemes like Da Sheng Fund, Xin Meng Xiang, and Wu Xian Tong, earning tens of thousands of yuan.
In 2014, he made about 10,000 yuan from Luo Bote. Later, he made over 100,000 yuan reselling FC coins on Zhong Yan, but converted most of his money into FC coins, which eventually became worthless. In April 2015, he became one of the first Chinese players in MMM. He directly recruited more than a dozen people online, and a few months later his team had grown to over 100,000 members. He earned about 3 million yuan. Around that time, he discovered Bitcoin through Super MMM and acquired 300 BTC, but sold them all when each was worth about 1,000 yuan. In 2016, he invested in several schemes and scheme tokens. The one he remembers best was the brainwave mining project from Smart Assets. He lost so much money that he had only a few hundred thousand yuan left. The first altcoin he traded, BMW Coin, also became worthless.
In 2017, he turned to ICOs. He missed Binance’s BNB ICO, when each coin cost about 1 yuan. By the end of the year, his holdings were still worth around 6 million yuan, but he didn’t sell. The 2018 bear market brought them back down to a few hundred thousand yuan. In 2019, he made over 100,000 yuan reselling VDS and several hundred thousand yuan from Player Feast. At the end of 2020, he sold all his coins and put several hundred thousand yuan into the LON airdrop from the imToken wallet, receiving 100,000 LON. In 2021, LON peaked at about 60 yuan, and its value briefly reached around 6 million yuan.
What really drove his portfolio higher was dYdX. In 2021, this on-chain derivatives platform had not yet issued a token, and its founder had a Coinbase background. So he spent hundreds of thousands of yuan on gas fees and ran a few hundred accounts in batches. Even when customer service in the group said there would be no airdrop and no token launch planned for the time being, he kept investing. A few months later, dYdX announced its token launch, and all a few hundred accounts received an airdrop of around 300 to 4,000 tokens each, most of them about 1,000. The token price later topped 100 yuan, and his assets climbed to around 50 million yuan.
The losses also came one by one. Near the end of the bull market, he heavily invested in major cryptocurrencies just as prices started falling. Then he used his major coins as collateral for coin-margined futures, kept adding margin to hold losing positions, and finally couldn’t take it anymore when Bitcoin’s price was cut in half. With about 10 million yuan left, he put 1,000 BNB into a scheme token launched by a friend of a friend, but liquidity was limited. After that, he spent several million yuan on altcoins and shitcoins, building communities around them and handing them out everywhere, including through airdrops. He spent several million yuan, and as his holdings fell, he repeatedly sold at a loss and switched coins—only for the replacement coins to lose hundreds of times their value too.
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In 2014, he made about 10,000 yuan from Luo Bote. Later, he made over 100,000 yuan reselling FC coins on Zhong Yan, but converted most of his money into FC coins, which eventually became worthless. In April 2015, he became one of the first Chinese players in MMM. He directly recruited more than a dozen people online, and a few months later his team had grown to over 100,000 members. He earned about 3 million yuan. Around that time, he discovered Bitcoin through Super MMM and acquired 300 BTC, but sold them all when each was worth about 1,000 yuan. In 2016, he invested in several schemes and scheme tokens. The one he remembers best was the brainwave mining project from Smart Assets. He lost so much money that he had only a few hundred thousand yuan left. The first altcoin he traded, BMW Coin, also became worthless.
In 2017, he turned to ICOs. He missed Binance’s BNB ICO, when each coin cost about 1 yuan. By the end of the year, his holdings were still worth around 6 million yuan, but he didn’t sell. The 2018 bear market brought them back down to a few hundred thousand yuan. In 2019, he made over 100,000 yuan reselling VDS and several hundred thousand yuan from Player Feast. At the end of 2020, he sold all his coins and put several hundred thousand yuan into the LON airdrop from the imToken wallet, receiving 100,000 LON. In 2021, LON peaked at about 60 yuan, and its value briefly reached around 6 million yuan.
What really drove his portfolio higher was dYdX. In 2021, this on-chain derivatives platform had not yet issued a token, and its founder had a Coinbase background. So he spent hundreds of thousands of yuan on gas fees and ran a few hundred accounts in batches. Even when customer service in the group said there would be no airdrop and no token launch planned for the time being, he kept investing. A few months later, dYdX announced its token launch, and all a few hundred accounts received an airdrop of around 300 to 4,000 tokens each, most of them about 1,000. The token price later topped 100 yuan, and his assets climbed to around 50 million yuan.
The losses also came one by one. Near the end of the bull market, he heavily invested in major cryptocurrencies just as prices started falling. Then he used his major coins as collateral for coin-margined futures, kept adding margin to hold losing positions, and finally couldn’t take it anymore when Bitcoin’s price was cut in half. With about 10 million yuan left, he put 1,000 BNB into a scheme token launched by a friend of a friend, but liquidity was limited. After that, he spent several million yuan on altcoins and shitcoins, building communities around them and handing them out everywhere, including through airdrops. He spent several million yuan, and as his holdings fell, he repeatedly sold at a loss and switched coins—only for the replacement coins to lose hundreds of times their value too.
Binance Wallet referral code: MOLLY666
