Author: Ma He, Foresight News
Recently, a screenshot of Spider's journal spread rapidly on the X platform. In the log, this trader long active in the DeFi and meme coin fields described in detail the suicidal thoughts arising from consecutive heavy losses, attributing them to a gambling mentality, following wrong chat rooms, and blindly copying trades, while expressing fear over the idea that "death is a release."
The incident quickly gained traction, sparking intense community discussion on crypto speculative culture, risk management, and mental health.
The Twitter account Trading axe expressed no sympathy whatsoever for the individual, even angrily commenting, "You're telling me a grown man made a fortune from virtual money on the internet, then lost it all, and now feels the need to share 'I want to kill myself' with the whole world? Alexander Wice lost $1 billion in 2021 due to over-leverage, didn't complain, didn't make excuses, and just moved forward."
However, some community members offered comfort, saying, "SBF also suffered major setbacks and was even sentenced to 25 years, but he's still alive, so it shouldn't come to this."
The protagonist, Spider, soon responded in the comments section of his tweet, stating, "It was literally something I posted for one minute before someone screenshotted it. Furthermore, it added that this text was actually posted several months ago." He also offered himself words of encouragement.
So who exactly is Spider? What happened in the past?
Single Address Peaked at $15 Million
Spider's X account is @SpiderCrypto0x. He operates the Telegram channel SpiderCrypto Trading Journal (with approximately 33,000 subscribers). His content primarily shares insights on DeFi, NFT, and meme coin trading, with a style emphasizing on-chain data verification. His bio often mentions collaborations with platforms like Rainbet. His X account joined around August 2020, initially being active in the DeFi space.
Spider was already active in trench trading during the DeFi Summer of 2020. Long-term observers like Twitter user CryptoCaligh recalled in a post dated June 22, 2026: "I was one of those in the trenches with Spider, frantically buying DeFi coins. I've been watching his play since 2020, it's been almost 7 years now." His style is characterized as aggressive and high-leverage, often capable of rapidly scaling positions in bull markets. During the same period, he gradually built influence by sharing trading views through TG logs and X posts.
During the 2021 bull market, Spider achieved significant profits (users mention gains in the $6-7 million range within short periods). In the 2022 bear market, he nearly lost his entire net worth (community estimates close to $10 million). More seriously was the tax issue—due to publicly flaunting gains, he attracted attention from tax authorities, resulting in a debt of about $4 million.
According to CryptoCaligh's recollection, he later negotiated a payment plan with the government and received help from old friends, gradually paying off the debt through further trading. This phase exposed the fragility of his high-risk strategy in bear markets and became a starting point for his reflection on "false confidence."
Spider himself has publicly shared his main TRUMP holding wallet address (J9HqxT4U39B45YcXxL4B1GZzdhSrXFr2N2Lam4bXrQeB) in an X post. According to Arkham data, the disclosed address peaked at around $12 million in December 2024 before declining. On January 20, 2025, due to the TRUMP coin, the account balance surged from around $1.5 million to $8.5 million. The funds remained at high levels for a few months before beginning a steady decline. After March of that year, the balance was nearly depleted.
He reflected: "Past success gives you false confidence, making you believe you can do it again. That was one of the reasons for my disastrous loss."
Arkham data shows this wallet address made transfers to over 36 addresses on Pump.fun alone. It is speculated that he likely ended up suffering heavy losses in PvP (player vs. player) trading.
Currently, his Twitter homepage continues to post trading-related content on X, indicating he remains active in the market.
From Big Gains to Big Losses, Gambling and Trading Are Often Separated by a Thin Line
It's often easier to see clearly from the outside. User CryptoCaligh pinpointed his real issue.
"He once threw $40,000 into a coin at its peak, and it could turn into $500,000 in a day. This kind of operation indeed works in crazy bull markets, but when the tide recedes, you lose all the money you made just as quickly. There's only a thin line between gambling and trading, and many people get deeply entangled. Once addicted, it will ruin you."
Furthermore, he added, "What's the point of making millions and losing it all? That's just a dream. You need to think clearly: Are you here to invest and try to make millions, or are you already an addicted gambler?"
In crypto cycles, similar cases of "sudden wealth - back to zero - psychological breakdown" recur repeatedly. During the 2021 bull cycle, massive liquidity inflow made earning relatively easy. However, the crypto space of 2025-2026 is no longer an era of easy money. Many concepts have been debunked, VC coins have been abandoned by communities, and meme coins have grown tiresome in endless PvP, with market trading difficulty increasing exponentially.
Those who survive long-term typically preserve profits during bull markets, establish diversified allocations, and cultivate a non-trading identity.
