The HongKongDoll Crypto Story: From NFT Boom to Digital Asset Meltdown

Before you knew her from the entertainment industry, HongKongDoll was already making moves in the crypto space. What started as casual NFT trading evolved into a high-stakes leveraged trading saga that became the stuff of legend in Web3 communities. The recent revelation that her portfolio has been essentially wiped clean has sparked fresh curiosity about how quickly fortunes can reverse in the volatile cryptocurrency market.

Early Entry into Web3: The Azuki Play

The crypto world first took notice of HongKongDoll in early 2022 when the NFT market was experiencing unprecedented growth. Her purchase of a substantial position in Azuki, one of the most prestigious blue-chip NFT collections at the time, generated immediate buzz across X (formerly Twitter). The question “Where are my people?” accompanying her posts resonated with the crypto community, lending her an almost mythical status among collectors.

Azuki’s trajectory validated her initial timing. What launched at 3 ETH quickly appreciated to around 30 ETH by mid-2022—a tenfold increase that few could have predicted. HongKongDoll publicly acknowledged that this position had recovered her previous trading losses, though observers noted her cost basis was remarkably high at roughly $400,000. The success positioned her as more than just a casual investor; it suggested she possessed genuine market intuition.

The Legendary Short: When ETH Trading Generated Massive Returns

However, it was HongKongDoll’s derivatives trading activity that elevated her status to legendary proportions within crypto circles. During the turmoil following LUNA’s catastrophic collapse in mid-2022, she initiated a significant short position against Ethereum at approximately $2,836 per coin, leveraging a 50x multiplier on this bet.

By mid-June 2022, as the broader market deteriorated, Ethereum’s price plummeted toward the $1,000 level. This meant HongKongDoll’s leveraged short position would have generated extraordinary returns—estimates circulating through the community suggested profits potentially exceeding $100 million from this single trade. The rumor rippled through social channels, with some speculating she had achieved financial independence.

HongKongDoll herself addressed these claims, clarifying that the short position was primarily a hedge against her spot holdings rather than pure speculation. She downplayed the exaggerated estimates circulating online and indicated she was taking time away to rest. Nevertheless, the mystique only deepened—a figure who could execute such sophisticated trading strategies had clearly transcended casual investor status.

The Portfolio Collapse: November 2022 Shock

The narrative took an unexpected turn in late 2022 when HongKongDoll disclosed that her cryptocurrency holdings had been essentially depleted to zero. The November announcement sent shockwaves through her community of supporters, who mobilized to offer comfort and speculate about the cause.

Various theories emerged: perhaps a leveraged position had been liquidated during a market downturn, others whispered about personal circumstances affecting her trading, and some wondered if her accounts had been compromised. HongKongDoll herself remained cryptic about the specifics, hinting that “the real situation is somewhat complex” without elaborating publicly.

Moving Forward: Diversified Income and Platform Evolution

Despite the portfolio setback, HongKongDoll indicated that her income streams extended well beyond cryptocurrency holdings. She characterized her earnings from alternative platforms as essentially self-sustaining revenue sources that required minimal intervention.

Looking ahead, she initiated community discussions about relaunching certain projects, suggesting that a return to public-facing work remains within her plans. With 191 million documented followers and historical dominance of certain market segments, the potential for recovery exists—though her relationship with cryptocurrency may have fundamentally shifted following the wallet depletion.

The HongKongDoll saga encapsulates a broader lesson from 2022: even sophisticated traders who time markets well can face rapid reversals. Her early NFT success and legendary short position demonstrated genuine trading acumen, yet the subsequent portfolio collapse reminds observers that crypto markets remain inherently unpredictable regardless of past performance.