🚨 Insane Sad Story: How Zhao Tong Lost 100,000 $BTC 🚨

At 16, Zhao bought BTC for $10 and built the first crypto margin exchange. Here’s how he lost 100,000 BTC, worth $6 billion today:

🔴 Early Fascination: Zhao discovered Bitcoin and was captivated by its potential for nearly free global money transfers.

🔴 Early Investments: Buying Bitcoin in 2011 was challenging, especially with Mt. Gox facing hacks and a flash crash that briefly dropped BTC price to $0.01.

🔴 Creating Bitcoinica: In just four days, Zhao created Bitcoinica, allowing margin trading. It quickly soared to $40 million a month in trading volume.

🔴 Rapid Success: Zhao made $10,000 (about 2,000 BTC) in the first two weeks, despite concerns about his age and experience.

🔴 Liquidity Growth: Bitcoinica’s liquidity grew, but Zhao sold the company by late 2011 to focus on school.

🔴 New Ownership: Wendon Group took over, investing heavily and paying $1 million for the Bitcoin.com domain.

🔴 Disaster Strikes: In March 2012, Bitcoinica was hacked twice, losing over 91,000 BTC.

🔴 Fallout: Blame games ensued among Zhao, Wendon Group, and Amir. Users just wanted their BTC back.

🔴 Final Act: Zhao invested 1,000 BTC in a rare solid gold Casascius coin, now valued at over $60 million, and then left the Bitcoin scene.

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