The death of the founder of BitEasy is suspected to be a suicide due to the collapse of Bitcoin futures

Author: Big Short Source: CoinBlack

The founder of BitEasy passed away and shorting Bitcoin with 100x leverage resulted in a liquidation of over 100 million

Tonight, the co-founder of BitEasy announced the death of a cryptocurrency tycoon in the WeChat group of the Cheung Kong Graduate School of Business. However, this death announcement did not tell how or why the tycoon died.

In fact, this big shot in the cryptocurrency circle did not simply die, but committed suicide. What we want to tell you is the truth about this big shot's suicide.

What is BitEasy?

Many people may not be familiar with the product BitEasy in the cryptocurrency circle. Indeed, this company is not very famous. The only amazing thing is that they received investment from SoftBank and BlueRun last year. Yes, it is the SoftBank that invested in Jack Ma’s Alibaba. This is SoftBank’s first investment in the cryptocurrency circle, and it is considered one of the few regular companies in the cryptocurrency circle.

The boss of the company is also today's tragic figure: Hui Yi, whose almost perfect resume is recorded in Baidu Encyclopedia.

He graduated from the University of Science and Technology of China in 2003, and then joined IBM China Research Institute as a researcher and senior researcher; in 2006, he joined Microsoft as a Surface product manager and senior product manager; in 2008, he left the company to establish Beijing Tutuo Technology Co., Ltd.; in 2014, he founded Huaguo Finance; then he entered the cryptocurrency circle and founded BitEasy, which received strategic investment from SoftBank and became the talk of the town.

BitEasy Runaway

As a cryptocurrency data analysis and service platform, they actually had almost no source of income in the bear market, so they began to raise funds from users as a user fund in January this year, preparing to rely on users' money to "trade" to support themselves.

SoftBank’s endorsement and good products allowed them to successfully raise hundreds of bitcoins from the leeks.

Some of these funds were investors’ entire fortunes that they had invested without telling their families.

The end of this month was supposed to be the time to redeem funds, but investors suddenly found that all the owners of the company seemed to have disappeared collectively.

"Could he have run away?" All investors thought of this possibility at the same time and started discussing it in the group.

Everyone realized only then that BitEasy’s official account had not been updated since February, and the APP, which used to update several versions every month, had not been updated for more than half a year. What’s even more exaggerated is that the daily market analysis that used to be released every day has not been released since December 27 last year.

Market analysis has not been updated for half a year

The investor became more and more anxious and couldn't contact any BitEasy employees, so he decided to go to the company's office to take a look.

However, it was discovered that the company was empty:

I asked the staff at the building management office and was told that the company had moved out several months ago.

Investors who learned that BitEasy had run away were in tears...

After confirming the escape, investors set up rights protection groups, some collecting evidence, some reporting the case.

Hundreds of millions of dollars in liquidation caused him to jump off a building and commit suicide

However, it was not until the evening that the exact news about BitEasy came out: the founder Hui Yi had committed suicide.

The reason for the suicide was a futures margin call. A total of more than 2,000 bitcoins were liquidated due to shorting bitcoin, which is equivalent to more than 100 million yuan in RMB.

After learning that Hui Yi committed suicide after his positions were liquidated, the investors who were busy defending their rights were stunned for a moment. They didn't know how to proceed. Firstly, their investment funds were most likely liquidated. Secondly, their creditors had committed suicide. Thirdly, they really didn't expect Hui Yi to choose to take this step. A living person was gone just like that.

According to the chat records in the group sent by investors, Hui Yi made money when he shorted Bitcoin in the beginning. He even posted in the group to show off that he had opened a short order of Bitcoin with 100 times leverage before the decline.

Some people may not understand the concept of 100x leverage, which means that if Bitcoin rises by 1%, his account will be liquidated and all his money will be reduced to zero. However, he still chose to take this gamble, and he gambled 100 million yuan.

When the tree falls, the monkeys scatter. After learning that Hui Yi committed suicide, all BitEasy employees began to distance themselves from BitEasy. All employees either could not be contacted or said that they had resigned early. This included the news of Hui Yi's death released by the co-founder, who was also trying to distance herself from the company and tell everyone that she had resigned. However, investors found that she was still handling various affairs in the official BitEasy group and had not resigned.

After Hui Yi left, this company finally had no one to speak for it. It’s actually quite sad. It was very glorious when it received investment from SoftBank, but now...

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