HongKongDoll: The Legend from Getting Rich with NFTs to Crypto Assets Falling to Zero

In the legendary stories of the crypto community, few individuals have experienced such a dramatic shift from wealth to zero assets as HongKongDoll. Once a seasoned Web3 player, she made millions through precise trading strategies during the 2022 crypto boom but faced a sudden asset crisis in recent years. Her story reflects both the harsh realities of the cryptocurrency market and the opportunities and risks inherent in this industry.

Getting Rich Quick with Azuki Hype

HongKongDoll entered the crypto world in early 2022, during the peak of the NFT market. At that time, the blue-chip NFT project Azuki attracted widespread attention due to its unique art design and community enthusiasm. HongKongDoll bought a large amount of Azuki in January, riding the wave at the right moment.

She shared her Azuki holdings on social media platform X (formerly Twitter), sparking extensive discussion within the crypto community. As hype grew, Azuki’s price soared. By mid-2022, the initial NFT price had skyrocketed from around 3 ETH (approximately $0.3 ETH) to 30 ETH, a tenfold increase. HongKongDoll also announced that she had recovered her previous losses through Azuki profits, despite having invested as much as $400,000.

This success made her a well-known figure in the crypto community, regarded as a forward-looking investor. However, the NFT market bubble began to deflate gradually.

ETH Shorting Saga: The Legendary 100x Leverage

HongKongDoll’s ambitions extended beyond NFT trading. In June 2022, when Ethereum (ETH) was priced at $2,836, she launched an aggressive trading strategy—shorting ETH with 50x leverage. This move drew widespread attention and heated debate within the crypto community.

Just days later, ETH’s price plummeted close to $1,000. The sharp decline resulted in huge profits from her short position. Rumors quickly spread—some claimed she earned over 100 times her investment, with others suggesting she achieved “financial freedom” from this trade. However, these exaggerated claims also led to skepticism and distancing from her within the community.

HongKongDoll later clarified on the Friend.Tech community that her actions were merely risk management to hedge her spot positions, and the scale was far less exaggerated than rumors suggested. Still, this explanation did not fully quell the community’s curiosity.

Latest Turn: Asset Zeroing Crisis

By November 2022, the situation took another dramatic turn. HongKongDoll announced on social media that her cryptocurrency wallet assets had essentially dropped to zero. The sudden revelation shocked the entire community. Speculations flooded in—some believed her contracts were liquidated, others suspected hacking attacks, and some thought she suffered losses from other trades.

The crypto community expressed sympathy and concern for this once “goddess-level” figure, eager to understand what exactly happened. HongKongDoll stated that “the situation is complicated,” but did not provide detailed public explanations.

Notably, she emphasized that her subscription income from OnlyFans remained stable, which became her financial support to recover. She also conducted community polls, hinting at the possibility of restarting certain content projects. Having once dominated trending searches on Chinese internet with 191 million views, a return to this field could potentially regain her attention.

HongKongDoll’s experience vividly illustrates the high-risk nature of the crypto market—huge gains often come with equally significant risks. From a NFT gold rush in early 2022, to derivatives trading mid-year, and now to asset zeroing, her story has sparked deep reflections within the Web3 space on risk management and market cycles.