The Tragic Story of Trung: The Cost of 'All In'
Trung, a single man at the age of 32, lives in a small apartment in Saigon. With a stable job in technology, Trung has saved 500 million VND after many years of work. He has no family to take care of and no one to share financial worries with, so he tells himself: "This is the time to do something great."
One day, while browsing the internet, Trung is captivated by the success stories of people making millions from Bitcoin and altcoins. A close friend once told him: "Crypto is the future. If you don’t invest now, you will never get rich." Trung begins to research the cryptocurrency market and feels he has "understood the rules." In particular, a newly released coin named MoonRise is advertised to "go to the moon," prompting him to decide to go all in.
The Sweet Phase
Trung invests all 500 million VND in MoonRise. Only after two weeks, his money has doubled. Trung feels elated, as if he has found the "key to success" in life. He begins to dream of great things: buying a penthouse, a luxury car, even thinking about retiring early.
To optimize profits, Trung borrows more money from an online credit application, plus an amount from his credit card, totaling nearly 300 million VND, and continues to invest in MoonRise.
The Nightmare Begins
Just a few days later, the cryptocurrency market suddenly plummets. The price of MoonRise drops by 50% within 24 hours as the project development team unexpectedly announces a massive sell-off of tokens. Trung panics, but he comforts himself that this is just a correction. He firmly believes that the price will recover, just like what he has seen in historical charts.
But the price does not recover. Within a week, the coin loses almost all its value. The initial 500 million VND, along with the additional 300 million borrowed, now only amounts to over 10 million VND. The development team of MoonRise is accused of executing a 'rug pull' and disappears without a trace. Trung can only sit in front of the screen, his hands trembling, watching his account nearly empty.
Severe Consequences
The financial shock plunges Trung into depression. Overwhelmed by debt, he doesn’t dare to tell anyone out of shame. His work is severely affected by his unstable mood, and eventually, he is fired. Unable to pay his debts, Trung is constantly called and threatened by creditors. His apartment is also foreclosed by the bank due to the mortgage loan.
Lonely and desperate, Trung lives in a small rented room with a huge debt. He realizes the bitter lesson: "Greed and ignorance are the greatest enemies of an investor."
A Message
Trung's story is not rare in the crypto world, where high profits always come with significant risks. Never go 'all in' on a market you do not fully understand. Invest with a plan, avoid letting greed overpower reason, and always keep a portion of capital safe for the worst-case scenarios. Crypto can be a life-changing opportunity, but if not careful, it can also become a nightmare.