There was once a figure considered a 'hero' of the crypto industry before 2022. Someone with a perfect image—young, genius, even promoting effective altruism with a casual style, wearing shorts and curly hair. But behind that shining image hid something much darker.

When the financial reports of his sister company started to surface, everyone finally realized the horrifying truth. It turned out that the majority of the investment company's assets were tokens issued by his own exchange. Meanwhile, the exchange systematically diverted user funds—their personal savings—to high-risk investments. This was not simple mismanagement. It was a structured and deliberate scheme.

As trust began to falter and users rushed to withdraw their funds, everything collapsed rapidly. In just one week, a $32 billion empire built on that genius narrative was completely destroyed. The scale of this collapse, the blatant level of fraud, and its impact on the industry’s reputation—are all far beyond anything seen in previous incidents.

This event is a brutal reminder of three things: human nature that can change, the lack of effective regulatory oversight, and the danger of trusting narratives about 'genius' without skepticism. It’s a story of how someone can build enormous trust only to betray it in the most systematic way.