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From the collapse of Three Arrows Capital's Su Zhu in 2022 due to high leverage operations, resulting in insolvency, to the cumulative loss of over $747 million by Yi Li Hua's institution engaging in leveraged long positions by 2026, the two massive loss events separated by several years reflect the core pain points of trading in the crypto industry: the extreme temptation of high leverage, compounded by extreme market volatility, makes it difficult for even industry-leading players to escape the curse of 'one misstep leads to total loss.' Behind this is a common issue in the crypto trading field: lack of risk control and cognitive misjudgment.