CZ's Life - From Countryside Boy to Becoming a God in the Global Crypto Industry
How did he go from the countryside to immigration? From programmer to entrepreneur From the world's richest list to prison Writing his life experiences into a book (Binance Life) is not just a record of life, but also turns the detours he has taken and the insights he has gained into wealth that future generations can draw upon. This is a must-read book for everyone in the crypto industry (Freedom of Money) https://amazon.com/-/zh/dp/B0GVZK8QPG/ref=tmm_hrd_swatch_0 Many entrepreneurial stories like to talk about talent and opportunity But CZ's story is more like another narrative: In the crypto industry, no one has experienced such an extreme life curve as Zhao Changpeng @cz_binance:
In South Korea, this recent wave of liquidations has really trapped an entire generation of young people. I just looked over data from the country’s regulators, and my palms started sweating. Over the past month, Korean retail investors lost 2.15 trillion won from leverage trading—about $1.45 billion. The worst part is that among the accounts that were liquidated and forced out, 62% are young people aged 20 to 30. The South Korean government is also panicking now, worried that this round of financial turbulence could evolve into a social crisis. Even in October, it plans to launch a nationwide unified 1375 debt counseling hotline. The name sounds very professional, but in reality it’s basically an anti-suicide intervention phone line. Right now, young people in South Korea are genuinely pretty hopeless. In the first half of this year, many people borrowed money to rush into the market—family loan limits at the five major banks were used up. Everyone wants to turn things around using leveraged 2x ETFs, especially focusing on Samsung and SK Hynix. But then SK Hynix’s biggest leveraged ETF, which had been at its peak, dropped 60%—crushing these people’s hopes of a comeback. Leverage is like this: when the wind is at your back, it makes you feel like a stock genius; when things turn, it won’t even give you a chance to apologize.
Binance’s 9th anniversary—also my 9th year since I stepped into the crypto world
A tribute to Binance, to Cousin CZ, and to myself for staying steadfast all the way
Over these 9 years, I’ve experienced too many stories in the crypto space
In 2017, Cousin CZ founded his own exchange and launched $BNB. Back then, he was already my spiritual guiding light—so during the ICO, I all-in to secure 150,000 BNB
Even though I didn’t hold all the way to now, that was still the first big pot of money I earned in the crypto world
In the next decade, I’ll keep accompanying Binance all the way, and we’ll go even further together
In a blink of an eye, nine years—deeply rooted for nine years. Through every bull and bear cycle, always by your side!
From Binance going live on July 14, 2017 to today, steadily staying at the top of the global trading volume charts—Binance has gone through the industry’s most turbulent years.
Rising from trust, lasting through companionship, today we celebrate the ninth anniversary together with Binance.
As the tides of the market rise and fall, the platform iterates and moves forward. Wishing that for the years to come, we walk side by side—together witnessing the long-term development of the industry @币安中文社区 @Yi He @CZ #币安九周年
Almost every young person in South Korea borrows on leverage to trade stocks. They take out loans and bet on leveraged positions in Samsung and SK Hynix semiconductor ETFs, hoping to use the bull market to rewrite their fate and get rich overnight. In the end, however, a large number of accounts see their principal wiped out, and many people still owe the brokerage firms substantial debts.
Today, the KOSPI index fell below 6,500 points, dropping 5.26% in a single day—panic gripped the market. In just a little more than a month, more than 400,000 retail accounts were completely liquidated. Young people aged 20 to 30 make up over 60%. Total leverage losses across the entire market exceed 2.15 trillion won.
At the end of the day, stock trading is an extremely intense game of odds. Before entering, you must think carefully about whether you can accept losses in full. Making money means you rode the tailwinds of the times; if you lose, you have to acknowledge that your own understanding and risk control were insufficient. The greatest misfortune in life is often caused by one’s blind greed and a mismatch between one’s abilities and reality.
From a mindset perspective, stock trading itself has an element of game-like competition—an approximation of gambling. Before entering the market, you must think it through: can you actually bear the possibility of losing everything? If you make money, be grateful for the times and the market environment; if you lose money, face your own shortcomings in ability. In the end, the greatest misfortune in life often stems from one’s own incompetence.
Estimating the number of Korean liquidation (forced-close) accounts: In June, the entire market’s cumulative number of leveraged retail accounts exceeding 1.2 million reached margin call/recall; among them, about 320,000–360,000 accounts were completely forcibly liquidated by brokerages (principal wiped out to zero, with some clients owing brokerages a remaining negative balance)
As of July 9, KOFIA’s latest data:
Cumulative forced liquidations under short-term credit from July 1–9: 344.2 billion KRW
Total for 7.1–7.8: 202.0 billion KRW; forced liquidation on July 9 alone: 142.2 billion KRW (this month’s peak, about 5× the day before)
Estimated number of liquidation accounts in early July: Approximately 85,000–100,000 newly added leveraged accounts completed full forced liquidation, concentrated among holders of 2× leveraged semiconductor ETF positions
Total official amount for short-term leveraged forced liquidations
Market-wide leveraged losses (full coverage, including leveraged ETF NAV drawdowns, options margin losses, and negative balances owed to brokerages)
Brokerage and foreign-institution aggregated estimates: In the past month, retail leveraged investors’ total actual loss is about 2.15 trillion KRW (about RMB 11.18 billion), including: principal losses from forced liquidation, leveraged ETF excess NAV losses, liabilities created by additional margin deposits, and complete shortfalls of options premiums
Liquidated positions / total account volume (estimated using media plus brokerage risk-control data)
Accounts that reached recalled/alerted risk levels: 1.48 million–1.55 million accounts that were completely forcibly liquidated by brokerages; liquidation accounts with principal reduced to zero: 405,000–460,000 accounts
(Among them, young retail investors aged 20–30 make up 62%, mainly betting on 2× leveraged ETFs of Samsung Electronics and SK Hynix.)
South Korea’s stock market hit another trading halt today, and SK Hynix (Hailis) plunged 14.53%.
Mainland China investors didn’t profit from Hailis’ gains—they ended up taking its losses instead.
Today, South Korea’s stock market opened lower, once breaking below 7,000 points, reaching 6,989.
Early this morning, the Korea Exchange said it “can’t play anymore”—it paused all automated selling orders, which amounts to temporarily yanking the network cables of large institutions.
The Bank of Korea has just issued a special report refuting the claim that the semiconductor cycle has already peaked; however, there are no signs of a bottom yet.
From here on, no matter how much South Korea’s stock market rises, it won’t have anything to do with those young people in South Korea who piled into leveraged positions at high levels as a late-stage “catch.” Last month’s golden era produced roughly a million debt slaves aged 20–39, who simply no longer have the right to enter the market.
I liquidated everything. Lately I’ve been under a lot of pressure—I can’t sleep through the night, not at all. Watching my wife sleeping peacefully, my guilt only grows deeper. A few days ago, my wife even asked me: “I heard the stock market has been doing really well lately. Surely what we invested in must have made a lot of money, right?” She also planned to take her parents and children on a trip during the summer vacation. Seeing her happy like that, I completely didn’t dare tell her the truth. And now, what I’m most sorry for is my family.
The market is still falling again—this is really too hard to play.
Since the market is difficult to trade, it’s still best to be稳 (steady) for now. Part of the funds are placed in Binance for financial management.
And another part—over a million—is put into @predictdotfun to provide liquidity. After a month, it’s worn down by more than 5,000 U.
Binance is pushing predict.fun so hard for predictions: first, it got listed on the exchange with the entire prediction sector, and then predictions were also rolled out in the wallet. It feels like it could be the next @Aster_DEX.
@dingalingts, as the founder of Bo Bing (bòbǐng), and a former Binance executive, is responsible for this is the second sector operation project he’s in charge of. It’s really worth looking forward to!
Predict registration link → https://predict.fun/?ref=4B695