When it comes to the big names in the crypto world, some stories are definitely worth revisiting. Today, I want to talk about the experience of a founder of a major exchange. This person's life trajectory is quite interesting—from multiple startup failures to overnight wealth, and now to controversy and reflection.

This founder was born in 1985 in Huai'an, Jiangsu. His early entrepreneurial journey was not smooth. He once teamed up with friends to run a group-buying website, which ended in failure and left him in debt. Later, he worked at Yahoo, and in 2007, he co-founded a document sharing platform, but he still hadn't found his true direction. It wasn't until 2012 that he embarked on his second round of entrepreneurship, focusing on the O2O sector, combining dining and internet marketing, but the results were mediocre.

What truly changed his life was an accidental opportunity. He learned about Bitcoin through American TV shows, and this new thing deeply moved him. At that time, Bitcoin was priced below $20, and he bought some. This decision later became the foundation of his wealth. It was also because of this experience that he entered the crypto industry and founded a large exchange.

However, as the exchange grew, controversy also arose. In 2018, the exchange faced numerous user complaints over contract issues. Some users questioned him after their contracts were liquidated, and his responses were somewhat inappropriate, even accused of being overly aggressive. That year was very difficult for him, and he eventually announced his resignation as CEO.

More seriously, he was also investigated by authorities over issues related to the source of funds. At that time, the exchange temporarily caused panic when users couldn't withdraw coins. The official explanation was key management problems, but the real reasons were more complex. It is said that some of the exchange's financing activities were not properly regulated.

Nevertheless, this founder also has qualities worth recognizing. He once stated that he doesn't particularly enjoy making money but prefers developing powerful technology. In 2016, he donated 500k yuan to his high school alma mater, which was the largest donation the school had received at that time. In 2018, he led volunteers to perform charity work in mountainous areas of Yunnan, and the same year, he participated in charity activities organized by the United Nations Children's Fund.

In a talk, he mentioned that blockchain technology can record every act of charity on the chain, making it tamper-proof, allowing people to witness the growth of their good deeds. This idealistic expression contrasts with his early entrepreneurial experiences.

Regarding contract investing, I want to say that the biggest risk is often not the main issue. The real problem is that many participants lack a deep understanding of the market and follow trends blindly. If you choose to gamble small to win big, be prepared to accept all losses. Invest within your means, and if you lose, see it as a lesson to yourself. Only then can you survive long-term in this market. Holding coins steadily is often wiser than frequent contract trading.

From initial startup failures to subsequent controversies and charitable involvement, this founder's story teaches us that life's ups and downs are often the best teachers.