The departure of a Bitcoin believe

The departure of a bitcoin believer

Burning financial (ID: rancaijing) original

Author | Liu Jingfeng Wang Lin

Edit | Wei Jia

On the evening of June 10th, Bitco's co-founder Zhang Wei released the news: Biti founder Hui Wei died on June 5, 2019.

Hui Yi, 42, has a glamorous resume, graduated from China University of Science and Technology, joined IBM China Research Institute as a researcher, senior researcher, and joined Microsoft as Surface product manager and senior product manager in 2006. Since then, there have been many entrepreneurial experiences, in October 2017, the establishment of blockchain market data analysis and service platform bit Yi.

Chat screenshots circulating among WeChat groups in multiple currency circles show that just a few days before Hui Yi died, he suspected using 2000 BTC (bitcoins) to short his position with 100 times the leverage, resulting in a loss of 113 million yuan.

A former BitEase employee told ID:rancaijing that Hui Yi was introverted and silent, and that employees would try to be as concise as possible when doing work reports. He didn't start a family and usually lived alone. The employee speculated that the pressure Huiyi faced during the start-up might be difficult to find close people to talk to.

At the end of 2018, when the market was in the doldrums, Bittel had a larger layoff. By the beginning of 2019, there were only a few people left. Earlier, it was reported that the company had been closed in May, but as of yesterday, Tianyan information showed that the company was "in the industry."

At present, Hui Hui’s family has not released the obituary of Hui’s death, and there is no official news on the level of Bitei. The true cause of death of Huiyi is still confusing.

It is suspected that hundreds of times the leverage has lost hundreds of millions.

"Dear Hui Yi left us forever on June 5, 2019. That morning, I saw him for the last time in great grief." This is a paragraph written by Peter Yi partner Zhang Xintong in the circle of friends recently.

Hui Yi, founder and CEO. of Bityi, a data analysis and service platform for blockchain markets In the related introduction, Bittel provides market analysis tools, data indicators and risk management strategies for digital money investors to help investors control the risk of digital currency investment; at the same time, it also provides professional services such as market data monitoring, project risk monitoring, illegal transaction discovery and monitoring for regulatory institutions and industry research institutions.

Despite working on the risk control of digital currency investment, industry insiders said that Hui Hui’s death was suspected to be related to his previous high-risk Bitcoin contract transactions on the OKEx trading platform.

Combustion Finance (ID: rancaijing) combed and found that from the chronological point of view, the two do have convergence.

"bless the formation of the afternoon waterfall, I won't have to work in the second half of the year," Hui Yi said around 13:15 on May 31 in a block chain investment group of 500 people.

Just a few hours ago, the Bitcoin market ushered in a "waterfall" style plunge. At 0:00 on May 31, the price of Bitcoin fell from $8,428 to $8,640 in an hour; from 3 am to 5 am, it fell again from $8,620 to $8,200, and the lowest was down to 8010. Dollar.

The price trend of Bitcoin on a platform on May 31

According to a screenshot of the chat circulated on the same day, Hui Yi said, "I played with 10 BTC 100 times leverage empty sheets five minutes before the waterfall." I'm ready to get the delivery. " If the time gets stuck just before Bitcoin prices plummet, it means he gets a good profit from 100 times the leverage. Since then, he said that "probably opened the 600BTC empty this morning," and side by side confirmed that it has made a profit through leverage.

In fact, on the morning of May 31, from 6 am to 9 am, the price of bitcoin was in a slight increase, and the unsuccessful opening of 600 bitcoins could not bring the expected benefits.

Until the afternoon, Hui Yi once again judged that the market will usher in a wave of "waterfall" decline, so he bet again. According to the news, Huiyi suspected that it used 2,000 bitcoins for customers and shorted it with 100 times leverage. This is what he said, "Bless the formation of the afternoon waterfall, I will not have to work in the second half."

However, the market reaction was not as expected. According to the trading platform's disk data, from 13:00 to 15:00, the bitcoin price rose from 8,108 US dollars to 8,320 US dollars, an increase of 1.13% in the previous hour.

Bitcoin prices did not fall but rose, this time Hui Yi misjudged, and used 100 times the leverage.

The so-called 100 times leverage means that investors can trade a 1% margin deposit on the platform when they make a contract transaction. In this case, when the market deviates from the expected fluctuation by more than 1%, a short position will occur. Huiyi used 100 times leverage to look at the bitcoin. If the position is full, when the bitcoin price increases by 1%, the funds in the account will be lost. In the afternoon, the price of Bitcoin rose by 1.13% in the first hour, which means that the explosion has almost become a reality.

According to Bitcoin prices for the day, one bitcoin was 56000 yuan and 2000 bitcoins totaled 113 million yuan.

Since then, there has been no message of Hui Yi. It was not until June 10 th that the news of his death came out.

However, the Huiyi family has not released the obituary of Hui Yi's death, and the company has not issued any official news.

Pay for your own money

Although Hui Yi is not a well-known figure, but her resume is also quite glamorous.

In 2003, he graduated from China University of Science and Technology, a Master of Science and Management for Editorial and Publishing, and then joined the IBM China Research Institute as a researcher and a senior fellow; in 2006, he joined Microsoft as the Surface Product Manager, Senior Product Manager.

After leaving Microsoft in 2008, Hui Yi founded Beijing Tutuo Technology Co., Ltd.; founded P2P platform Flower and Fruit Finance in 2014, and became CEO.. In early 2015, when P2P was the hottest, Hui Yi chose to withdraw from Flower and Fruit Finance and leave before the "E Rental Treasure" incident.

Also during this time, Hui Yi cashed in the stocks he held and escaped the “A-share crisis”. After that, he entered the Cheung Kong Graduate School of Business and studied for the EMBA.

Because they have escaped the "A-share crisis" and "E-rental" incidents in succession, friends have given the title of "Escape the top man".

Hui Yi, who left Flower and Fruit Finance, founded the Internet financial project immortals in early 2016, hoping to match the products through artificial intelligence, while the asset side of the platform is dominated by major shareholder financing projects of listed companies.

According to public information, Immortals Wealth was closely related to peer-to-peer platform quark finance. At that time, the consumer financial assets on the Immortals Wealth platform were provided by Quaker Finance, which also provided debt buyback to the assets supplied by Immortals. After 2018 boast guest financial thunder, Hui Yi left the fairy to have money.

Before leaving the gods and wealth, Hui Yi entered the blockchain field. In the second half of 2017, the bitcoin market ushered in a round of skyrocketing. Seeing a good time, Hui Wei founded Bitcom and planned to make a "same flush" in the field of digital currency.

In the early days, the bit was easy to be seen in the market, and even attracted the attention of the well-known investment institution. According to the previous news, in April 2018, the bit is easy to announce the acquisition of the soft-bank Chinese capital, the A-wheel strategic investment of the company. At that time, Mr. Hui said, "This is the first block chain project of soft-silver China." However, China has denied that investment by the day. The enterprise checks the data to show, the bit is easy to be the investor is all the individual, there is no agency participation.

The financing information given by Beattie's website

"The data is used to describe the risk of the whole market, and according to different user images, how to do the operation." is a bit easy to understand. The initial bit is easy, only market data is available, and no good profit model is formed.

A former employee of Biti told the Finance and Economics that there was investor support behind Biti at that time. “There was no financial pressure at the beginning. Later, in the second half of the year, the environment became worse and worse, and the company’s funds began to be tight.”

The employee still remembers that Hui Yi occasionally scrambled his own coins, but never encouraged them to stir up coins. "at that time, the employees were very young, many of them were post-90s, and everyone's living expenses were relatively large. if you lose money, how can you pay for it?"

However, other employees said that at the time, employees in the company followed the trend to stir-fry coins, only to build the house in the end.

In December 2018, the company has become more and more nervous. "The benefit of the company is not good, but the expansion business has introduced the analysis software, but not many people." the staff to tell the economy. Thereafter, a number of employees, including the staff, were cut.

“The company was already very difficult at the time. For the time, Huiyi had to pay his own money to pay for his employees,” said a person familiar with the matter.

I used to laugh at Li Xiaolai.

In the impression of Li Mei, a former employee of Bityi, Hui Yi has the character of a typical tech man: "he is not a publicized person. When talking to people, Hui Yi never takes the initiative to talk to others about some ideas." Even if the staff reports to him, they should try their best to reduce their time. "

Although not good at talking, Huiyi treats employees very kindly. "If the technology or the people in any of our departments do not meet his requirements, he will not be harsh, not to slap the table, but to patiently urge you until you finish," Limei said.

Another surprise to Limei was that the 42-year-old accomplished entrepreneur had no family of her own. Li Mei speculated, "he is introverted, usually there is nothing to talk about, communication, in the entrepreneurial period of pressure may also have very few channels to resolve."

It is said that the situation in the first half of the year is not optimistic, and in order for the company to live, it has experienced a variety of attempts. At the end of 2018, Hui also wanted to hatch a block-chain project, combine with retail through smart contracts, and even consult with the currency circles Li's comments.

Li Xiaolai posted a screenshot of his chat with Hui Yi in moments. Li Xiaolai said "this is not a blockchain project." it can't be brushed with the block chain flag. " Since then, the project has been abandoned.

In addition, there are also reports that Bite has also launched several Bitcoin contract products, and the BTC funds that were released from the market were also from customers. However, as of now, no one has proposed rights protection for this fund, and it is impossible to verify the source of funds.

a fatal contract deal

According to the circulating screenshots of the transaction, Huiyi's platform for Bitcoin contract trading is the OKEx trading platform. The platform has been repeatedly revealed an abnormal warehouse explosion.

A screenshot of a 100-fold leveraged contract transaction

In March 2018, more than 10 investors said they traded digital currency on OKEx because "when the purchase of futures orders reached the warehouse burst line, they did not receive text messages to remind them, and failed to increase margin in time to cause the explosion of positions." the maximum loss was 2 million yuan.

In May of the same year, a number of users gathered at the OKEx office to defend their rights. The reason was that some investors were exploding in the OKEx transaction, losing 3 million yuan a month. In September, when the price of Bitcoin fell sharply, the OKEx contract appeared in the card machine and the landing was slow. After the repair, the recovery returned to normal. However, many investors lost their money due to failure to operate in time. Some people even exploded this time. The loss in the warehouse was 4 million yuan. In November, a number of investors came to the OKEx office again to defend their rights.

Despite multiple rights violations, OKEx's contract transactions have not been closed yet, and the contract trading leverage can be set to a maximum of 100 times, making the risk of a highly speculative digital currency trading market even greater.

In addition, the fuel economy found that on the trading platform of the fire currency, the contract transaction was also launched. The time for the launch of the Coin contract product was December 2018, and the Fire Coin contract was set to 1x, 5x, 10x, and 20x. The fire coins of the online contract products were also blown into the vortex.

Although on September 4, 2017, the central bank and other seven ministries and commissions issued the "Announcement on Preventing the Risk of Subsidy Issuance Financing", which suspends the illegal financing of token financing activities such as ICO financing, but since then the major domestic exchanges have been transferred abroad. Continue to provide "drinking coins" services to domestic users. In the second half of 2018, the central bank and other departments once again reiterated that virtual currency trading venues and ICO behaviors are illegal financial activities, insisting that “outcrops will hit”. However, even if the policy is strictly bound, it will not prevent speculators from entering the digital currency market.

This time, an entrepreneur with a background of educational background and a small achievement in the start of the business, finally on the way to stir up the coin to take the field of tragedy, but don't know whether to wake up those who still hold the good luck.

* Some of the images in the text are from Visual China. At the request of the respondent, the Lizhong in the text is a pseudonym.

* the article is an independent point of view of the author, which does not represent the position of the tiger olfactory net. This paper is published by the tiger olfactory net authorized by Burning Finance and is edited by the tiger olfactory net. Reprint this article with the consent of the author, and please attach the source (tiger olfactory net) and links to this page. Original link:

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