Once a giant whale on the blockchain, "Brother Ma Ji" Huang Licheng made a tragic final gamble. On the decentralized trading platform Hyperliquid, he opened a 25x leveraged long position with the remaining $16,700 in his account, buying 100 ETH. 24 hours later, liquidation struck again, leaving his account balance at just $1,718.
This operation occurred just 47 days after the peak of his account assets. On September 18, he had leveraged heavily to go long, briefly seeing a floating profit of $44.84 million, with a total account value nearing $60 million. However, as the market continued to decline, his account "collapsed" in a series of forced liquidations, not only wiping out all profits but also nearly reducing his $15 million principal to zero.
In response, he casually left a message on social media: “Was fun while it lasted.”
1. Cross-Border Life: From Center Stage to Capital Whirlpool
Huang Licheng's every turn is filled with dramatic color:
● Pioneer of Chinese Hip-Hop: Born in 1972 in Yunlin, Taiwan, he immigrated to the United States at the age of 2. In 1991, he formed L.A. Boyz with his brother Huang Lixing and cousin Lin Zhiwen, sweeping the Chinese music scene with American hip-hop style, becoming a pioneer of Hip-Hop culture in the Chinese-speaking world.
● Tech Entrepreneur Pioneer: In 2003, he founded Ma Ji Entertainment and shifted to behind-the-scenes work. In 2015, he established the "17 Live App," attracting investments from figures like Wang Sicong, with a valuation reaching billions of New Taiwan dollars. Later, due to content regulation issues, he adjusted his strategy and shifted the market focus to Japan and other regions.
● Crypto World Adventurer: In 2017, he entered the blockchain industry, venturing into ICOs, DeFi, NFTs, Meme coins, and ultimately facing a Waterloo in leveraged trading.
2. Crypto Journey: Chasing Every Hot Trend
Huang Licheng's operational trajectory in the crypto world perfectly mirrors the evolution of industry hotspots:
3. The Tragedy of Hyperliquid Whales: A 47-Day Wealth Roller Coaster
Huang Licheng's operations on Hyperliquid fully showcase a typical path to destruction for a leveraged trader:
Phase One: The Glory and Undercurrents of Summer (June-August)
● June: Precisely operated HYPE positions, earning over $6.5 million.
● July: Total long position reached $126 million, but stubbornly bullish on PUMP led to a monthly loss exceeding $10 million.
● August 13: Closed positions locking in $33.83 million in profits, but immediately reversed to short and was "killed" by the market.
Phase Two: The Peak and Turning Point of September
● September 19: Account floating profit soared to nearly $45 million, reaching a historical peak.
● Late September: Core positions plummeted, with maximum floating losses exceeding $20 million.
● September 25: Forced to add $4.72 million in USDC margin, attempting to heavily invest in XPL to turn the tide.
Phase Three: The Death Spiral of October
● October 9: Account profit reduced to about $1 million.
● October 10: Single-day loss of $21.53 million, officially turning the account from profit to loss.
● The entire month experienced no less than ten cycles of "decline → approaching liquidation → injecting funds to cover → further liquidation."
● October 31: Total losses reached $14.5 million.
Endgame: Total Collapse in November
● November 3: 25x ETH long position was liquidated, resulting in a loss of $15 million.
● November 4: Used the remaining $16,700 to open a 25x long position on 100 ETH.
● November 5: Liquidated again, leaving an account balance of just $1,718.
4. The Mirror of the Crypto Circle: The Eternal Narrative of Wealth Cycles
Huang Licheng's experience is not an isolated case; during the same period:
● "Insider Whale": From a profit of $25.34 million to a net loss of $30.02 million, with only $570,000 left in the account.
● James Wayne: After earning over $43 million, faced a series of liquidations, losing all principal, and turned to becoming a KOL to accumulate "gambling chips."
These stories collectively outline a typical wealth cycle in the crypto circle: whales are like Sisyphus pushing a boulder uphill, endlessly repeating the cycle of leveraged games, forever unable to escape this vicious circle.
5. Industry Reflection: Inevitable Loss in Extreme Acceleration
Huang Licheng's experience reflects deep-seated issues in the crypto industry:
Extreme Compression of Hotspot Cycles
● From meticulously crafted white papers to fundraising models based on "a contract address."
● Project lifecycles shortened from years to days.
● Attention economy replacing value creation as the key to wealth.
Addictive Cycle of Leveraged Games
● High leverage provides the illusion of instant wealth.
● Whale effects lead retail investors to blindly follow suit.
● Risk awareness gradually fades in the narrative of sudden wealth.
Complete Victory of Speculative Culture
● "Slow is fast" replaced by "should be faster."
● Fundamental analysis gives way to emotion-driven decisions.
● The industry collectively loses itself in a distorted structure.
Conclusion: The Warning Sign in the Cycle
Huang Licheng's story is a vivid footnote of the crypto era. From center stage to the capital whirlpool, from tech entrepreneurship to crypto speculation, he has always stood at the forefront of each era's trends, yet ultimately spiraled out of control in the madness of leveraged games.
His experience reminds us that in a world where overnight wealth and sudden downfall have become the norm, the real risk may not lie in technological disruption or market volatility, but in humanity's collective loss under extreme wealth effects. When every advancement in the industry is overshadowed by more extreme speculation, and the creation of value is replaced by the transfer of wealth, the cycle will become the eternal theme of this industry.
And ironically—there will always be the next zeroed-out Brother Ma Ji in the crypto circle, while more people still yearn to become him.
Join our community to discuss and grow stronger together!
Official Telegram community: https://t.me/aicoincn
AiCoin Chinese Twitter: https://x.com/AiCoinzh
OKX benefits group: https://aicoin.com/link/chat?cid=l61eM4owQ
Binance benefits group: https://aicoin.com/link/chat?cid=ynr7d1P6Z
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
