In the tumultuous world of cryptocurrency, the name "Big Brother Ma Ji" Huang Licheng has almost become synonymous with "stubbornly going long" and "chain liquidations." From the ambitious highs of Ethereum hovering around $4700 in September last year to now having an account balance of less than five digits, Huang Licheng has performed a rare "asset adventure" finale in the cryptocurrency circle over the past six months.
According to the latest monitoring from the on-chain data analysis platform Arkham, this former influential player in the NFT field has incurred an astonishing cumulative loss of $74 million over the past six months due to consistently high-leverage positions on Ethereum. With the last round of supplemental funds exhausted, Big Brother Ma Ji has nearly depleted his last bullet in this bet against the market.
1. From "Luxury Yacht" to "Leek Box": A Six-Month Long Position Roadmap
● The story starts in September 2025. At that time, although the crypto market had recovered from the previous deep bear phase, it was still filled with anticipation for the second half of the bull market. When the price of Ethereum reached around $4700, Huang Licheng embarked on his "bottom-fishing" journey.
● Perhaps due to an extraordinary confidence in his own judgment, or perhaps because past successes in the NFT market led him to underestimate the dangers of contracts, he chose not to hold spot assets but to use perpetual contracts with leverage up to 25 times.
● Beginning in the fourth quarter of 2025, Ethereum did not break through its previous highs as expected but instead began a path of fluctuating declines. Faced with continuous warning signals on his account margin, Big Brother Ma Ji did not choose to stop-loss and exit but displayed a gambler's "headstrong" attitude—constantly adding to his positions.
● On-chain data shows that his address frequently injected funds into trading accounts in an attempt to lower the average price to resist the declines. The most recent transaction was an urgent transfer of about $245,000 in USDC at the end of February, attempting a final struggle.
● However, the harsh reality of the market is that it will not grant exceptions based on who you are. As the price of Ethereum repeatedly fell below critical support levels, even briefly breaking below $1900, Big Brother Ma Ji's positions collapsed like a row of dominoes. According to Hyperbot data monitoring, his 25-times leveraged long positions experienced several partial liquidations, shrinking from large holdings at peak periods to only 120 ETH remaining today. As of March 2, his funds in the Hyperliquid account amounted to only $9,000, a stark contrast to his previous image of lavish spending.
2. The "Machine Gun" of Liquidation: 241 Liquidations and a Disappearing Defense Line
● If we were to replay the trading records of these six months, it would certainly be an extremely oppressive visual narrative. Data shows that on February 28, during a market flash crash triggered by worsening Middle Eastern circumstances, Huang Licheng's account faced 241 liquidations within just six hours. This was no simple loss, but a massacre.
● "This frequency of liquidation indicates that he did not set reasonable stop-loss levels, or tried to bluntly absorb falling knives with his own funds," commented an anonymous trader on a social platform. His entry average was pulled down to $1976.04, which meant that every time ETH experienced a slightly respectable decline, his positions were on the verge of danger.
● It is worth noting that this is not just about the decrease in account numbers; it is also about the depletion of liquidity. According to insiders, the last funds he used for adding positions since the end of February came from assets he had deposited in the PleasrDAO treasury five years ago.
● This detail is quite significant—PleasrDAO is an organization that gathers many early NFT whales and art collectors, and Huang Licheng's action is akin to using the last "coffin funds." When this fund also vanished, it perhaps meant that this former whale's available liquidity had officially declared exhaustion.
3. The Last Stubbornness: The "Long Position" Mentality of Not Acknowledging Failure
● To outsiders, Huang Licheng's operations are filled with incomprehensible "long position" traits. The so-called "long position" in Taiwanese dialect refers to the behavior of stubbornly holding on despite having misjudged the direction and hoping to recoup losses by continuously adding money.
● In fact, this is not the first time Big Brother Ma Ji has been liquidated for going long. During previous rounds of market turbulence, he has suffered heavy losses from several liquidations. However, each time after a liquidation, as long as he still had resources, he seemed to always attempt to plunge back into the market, trying to recover his losses with higher leverage.
● On New Year's Day this year, he even posted a serious selfie on social media, captioned: "Last year I was Uncle, this year I’m back as 'Big Brother'!" The ambition he had back then now seems even more sorrowful. Fans in the comment section have shifted from initially saying "Following brother to drink soup," to now joking "Hoping not to be liquidated again this year."
● This "refusal to admit defeat" spirit in the unpredictable cryptocurrency market, is it the persistence of the strong or the stubbornness of the foolish? The answer may be written in that remaining $9,000 balance.
4. The Market's Varied Faces: Who's Feeling Sorry for Big Brother, and Who's Watching the Show?
● Big Brother Ma Ji's horrific losses have stirred up a storm within the community. Compared to the potential despair of the individual involved, the emotions of the onlookers are much more complex.
● On one hand, many netizens are mocking him, questioning why he continued to use high leverage despite the market trend already reversing. "How much is left in the rich man's account?" has become a popular topic of discussion. Someone joked: "Hope to see a biography about his rise and fall in the Web3 era, titled 'From Nine Figures to Four Figures'."
● On the other hand, some people are remaining calm. Some rational voices pointed out: "Are people who earn 30,000 a month worried about a person with a net worth of hundreds of billions?" Although this wave of contract operations has lost $74 million, it may just be part of Huang Licheng's asset allocation. His early layout in NFT projects like BAYC once allowed him to accumulate substantial wealth; even if his contract account is now zero, it may not necessarily mean a total defeat in life.
5. Revelation: High Leverage is an Express Elevator to Hell
Reviewing Big Brother Ma Ji's last six months, several unavoidable keywords emerge: against the trend, stubbornness, high leverage.
● Going long from $4700 is itself a gamble with very low odds of success. Even if he had the unlimited capacity to add positions, it could not counter the forces of cycles. The cryptocurrency market is known for its extreme volatility, and 25 times leverage amplifies this volatility by 25 times. When a black swan event (such as risk aversion triggered by tensions in the Middle East) occurs, even the thickest margin is just a thin sheet of paper.
● According to on-chain data statistics, during these six months of torment, this account triggered approximately 145 forced liquidations. Each liquidation was a denial of his own judgment and a heavy blow to his funds. Ultimately, when the last batch of supplemental funds was consumed by the market, this once "Big Brother" also fell into the last pit before dawn—of course, when that dawn will arrive is already irrelevant to him.
● As of the time of publication, Huang Licheng had not commented on his recent asset status. The mere 120 ETH long positions he has left still hang in the market, like a lonely lighthouse, stubbornly flashing a dim light. It is just unclear how long this light can last? Is it waiting for a miraculous rebound, or awaiting another merciless liquidation?
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