Liu Peng's fingers were frantically tapping on his phone screen, his nails turning white from the pressure.

The small rental apartment was unbearably hot, with a note on the wall counting down "Mortgage Repayment Countdown," the red-inked numbers showing 36 months remaining. With a monthly income of 5,500 yuan, a mortgage of 4,200, a car loan of 1,800, and a baby due in five months, from prenatal checkup costs to various nutritional supplements, he was under so much pressure he couldn't breathe. Three months ago, a buddy at the construction site boasted, "Contracts can turn around overnight," and in a moment of reckless impulse, he secretly took out 20,000 yuan for prenatal checks and plunged into the crypto world.

He started with good luck, using 10x leverage on Ethereum, earning 8,000 yuan in just three days. At that time, he truly believed he was chosen by fate, dreaming of "another tenfold increase to pay the down payment on his house." Greed is like poison; he began betting bigger—leveraging 50x on Bitcoin, aiming for over 70,000, borrowing 30,000 online to add to his position, risking all his savings.

But man proposes, God disposes. News of the Federal Reserve's rate hike suddenly exploded, and Bitcoin plummeted from 58,000 to below 50,000. The account's loss figures skyrocketed, devouring his margin every second. "Add margin, quick!" he yelled at his phone, only for the online loan app to pop up "Loan Failed," followed by the red words "Forced Liquidation" burning into his eyes like a branding iron. The screen refreshed: account balance: 0.00 USDT.

His 20,000 yuan principal plus 30,000 yuan in online loans vanished overnight.

His phone kept vibrating endlessly. A message from his wife popped up: "Honey, remember to bring your health insurance card for tomorrow's anomaly scan." Immediately after, calls from debt collectors flooded in.

This story plays out in the crypto world every day. Some achieve financial freedom through leverage, but most become cannon fodder in the market. 50x leverage sounds tempting, but it can leave you with nothing in an instant. Those who say "small bets for fun" seem especially pale and powerless in the face of a real liquidation.