There’s a saying in investing: The most painful losses always happen right after you’re forced to close your position, on the first rebound green candle. Leopold’s darkest moment came right before dawn. On July 24, he even wrote in a letter to investors, 'This is the most attractive opportunity since early 2025.' Less than a week later, his 4x leverage couldn’t hold, and his entire position was forced to sell to Citadel. And then, just a few hours later, the AI stocks he had just been liquidated from collectively rebounded. What if he had held on? Sometimes, the line between a genius and a gambler is just one drawdown you couldn’t withstand. From SBF, who came from the same FTX roots, to Leopold, history keeps repeating itself.