On May 6, 2010 (March 23, 2010 in the lunar calendar), U.S. stocks "flash crash". An old case of the "flash crash" of the U.S. stock market on May 6, 2010 was once again opened up by the media, and this trader became the focus of controversy. Who caused the New York stock market to plummet 600 points in 5 minutes that day, the total market value evaporated by nearly US$1 trillion, and he made nearly a million dollars in profits? British media published a photo of Sarao on the 23rd, giving the outside world a first glimpse of the true appearance of this "Wolf of Wall Street". [A record "crash" made nearly one million profits] On May 6, 2010, the Dow Jones index plunged by about 1000 points in more than 20 minutes, of which the most violent 600-point drop occurred in 5 minutes, and the index rebounded sharply. This trading day also recorded the largest one-day intraday decline in the history of the U.S. stock market, making it the most volatile 20 minutes in Wall Street history. An investigation by U.S. law enforcement found that the main culprit of the incident was Sarao from the United Kingdom. At that time, he was in an ordinary house in suburban London, using his home computer to place false contracts on the futures trading system of the U.S. stock market, creating panic and triggering stock market turmoil. According to US allegations, Sarao used a computer trading program to place huge sell orders on U.S. stock index futures, but could instantly withdraw orders to ensure that these sell orders would not be sold, but could constitute real-time selling pressure on the trading price. The purpose of this practice is not to complete the transaction, but to influence prices and achieve the purpose of manipulating the market, thus constituting fraud. On May 6, Sarao had placed false sell orders on the trading system since the morning. After the market showed a downward trend, he continued to increase the "selling" intensity and reached the craziest stage around 12:33 noon, causing the U.S. stock index to plummet. Sarao then purchased several "cheap" futures contracts at the location of the crash and sold them after the stock index recovered, making a profit of nearly $900,000 that day. The U.S. Department of Justice estimates that between 2010 and 2014, Sarao made a total of $40 million from trading U.S. stock S & P 500 index futures contracts. Sarao now faces one count of wire fraud, 10 counts of commodity fraud, 10 counts of commodity market manipulation and one count of fraud filed by the U.S. judiciary. If convicted, these charges together would bring Sarao up to 380 years in prison. ["I just love making money but not spending money"] Due to the "tragedy" of such a scale in the US stock market, some people called the perpetrator a real-life version of the "Wolf of Wall Street." However, after digging into the details, the British media found that Sarao in real life was incompatible with this title. Sarao is 36 years old and graduated from Brunel University. He lives in Hounslow, an ordinary community in the western suburbs of London. He lives with his parents. The apartment he lives in is the place where he is suspected of causing the U.S. stock market crash. The Daily Mail quoted a neighbor as saying that Sarao was a little "dirty", not very shiny, and did not have his own car. After graduation, Sarao engaged in futures trading and quickly showed his talent for trading. A former colleague said trading was like "playing a video game" for Sarao."He didn't care if it went up or down, he only cared about defeating the trading system." Some former colleagues recalled that Sarao lived a frugal life. For example, he often arrives at work after 10 a.m. in order to avoid paying congestion charges; he often wears sportswear to work and buys food long after lunch time to get a discounted lunch. "He wears sportswear every day, even if he is a millionaire," said Adam Whiting, a trader who has worked with Sarao for eight months."Everyone talks about his miserable house. In my memory, he only loves making money, not spending money." ["Hound dog" or "scapegoat"? ] After Sarao was arrested by the police, some neighbors learned about his deeds. They were surprised by his low-key and accumulated wealth, and called him the "Haunslow Hound" because of his fierce trading style. However, some industry insiders are skeptical about the US accusation that Sarao created a "flash crash" and believe that he may be a "scapegoat" found by the US authorities. Senior trader Renko Rentelman said: "It is absurd to say that one person caused this incident. It is more appropriate to say that he had an influence on this incident because there are many influencing factors. Former trader Nick Leeson, who can be called the "originator" of illegal traders in the UK, believes that he does not believe the US statement and prefers to believe that some of Sarao's practices have accelerated the downward trend of US stocks and become a trigger for the plunge. "We're talking about a young trader who traded in his parents 'house and caused the world's largest stock market volatility and defeated the existing largest investment banks?" Leeson said,"It doesn't sound real. Could he be the scapegoat? (Power) It is unbelievable that such a weak individual could do something with such a great impact. "In February 1995, as a trader stationed in Singapore by Barings Bank, the oldest in the UK, Leeson" unauthorized "purchased large quantities of futures on Japan's Nikkei Stock Index. However, he did not expect that a Kobe earthquake caused the Nikkei Index to fall instead of rising, causing Barings Bank to lose US$1.4 billion and suddenly fell into bankruptcy. At that time, the entire Bank of Bahrain had only US$860 million in capital and reserves. ING eventually acquired Barings Bank for £ 1.