The rapid proliferation of VTubers, digital avatars controlled and voiced by human actors (Nakanohito), has created a lucrative and popular entertainment ecosystem. However, the prevailing industry model, where corporations retain ownership of the VTuber persona while the Nakanohito bears the immense pressure of dual-identity management, exposes the Nakanohito to significant vulnerabilities, including burnout, harassment, and precarious labor conditions. When these pressures become untenable, the Nakanohito may terminate their contracts and later debut with a new persona, a process known as "reincarnation". This phenomenon, a rising concern in the industry, inflicts substantial losses on the Nakanohito, agencies, and audiences alike. Understanding the quantitative fallout of reincarnation is crucial for mitigating this damage and fostering a more sustainable industry. To address this gap, we conduct the first large-scale empirical study of VTuber reincarnation, analyzing 12 significant cases using a comprehensive dataset of 728K livestream sessions and 4.5B viewer interaction records. Our results suggest reincarnation significantly damages a Nakanohito's career, leading to a decline in audience and financial support, an increase in harassment, and negative repercussions for the wider VTuber industry. Overall, these insights carry immediate implications for mitigating the significant professional and personal costs of the reincarnation, and fostering a healthier and more equitable VTuber ecosystem.