5 Jun 42-year-old CEO and co-founder of BTE.TOP Hui Yi committed suicide. According to the source, he was suspected of embezzlement of client 2000 BTC or 14.5 million dollars in the failed short position on Bitcoin with a 100-fold leverage on the exchange Bitmex
The danger of marginally
In this case, the short position was the most risky. If the market price of Bitcoin rises by at least 1 percent, the balance of the trader is fully depleted. On the morning of 31 may, the Hui is still actively involved in the group in WeChat and predicted a large drop in the exchange rate. According to his statements, the futures price of Bitcoin were to fall to an intraday low at $ 7,000. If you believe the rumors about suicide, then his predictions unlikely to come true.
According to available information, Hui Yi was an experienced entrepreneur and had previously worked at the research centre IBM China as senior researcher. Later in the period 2003-2008 he was a senior product Manager at Microsoft. Over the past few years it has earned the reputation of futures capturadora with a large number of followers. He managed several times to successfully predict market trends.
Loud CryptoStream BTE.Top was China’s first blockchain-a project that received investments from venture capital giant Softbank China Venture Capital (SBCVC). While 8BTC later, the journalists managed to find out from representatives of SBCVC, the Foundation ceased to Fund BTE.Top at the end of 2018.
Sudden death Hui shocked cryptologist in the country and brought serious losses to investors. Many wonder why such a professional and experienced trader acted so recklessly and attracted leverage of 1:100? There are those who suspect a staged death. At least such suspicions arise because a relatively small amount. According to enthusiasts, the experienced trader over the years gained much more than lost in the framework of this transaction.
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