A crypto trader known as Jawz posted Friday that he turned a presale allocation into $80 million, only to see his net worth evaporate to $500,000 after a streak of financial excess.From $80 Million To $500,000: How It Happened Step By StepJawz got a presale allocation in OlympusDAO in 2021, staked everything, and watched the position compound daily to $80 million at peak. Rather than taking profits, he started spending. Private jets to Dubai, $40,000 weekends in Monaco, a garage of cars driven twice, and high-limit casino rooms in Vegas and Macau where he would lose $2 million in a night.When OHM unwound, he did not sell. He doubled down, then leveraged at 5x, then 10x, trying to trade back to the peak. Each liquidation triggered a larger position. $80 million became $20 million, then $4 million, then $500,000. “Revenge trading is just grief with a chart open,” he wrote.His four lessons posted publicly:
Unrealized gains are not money
Getting in early is luck, not skill
Lifestyle inflation goes unnoticed until it is too late
Leverage does not get you back to even, it gets you to zero faster
