In just 47 days, the account went from a floating profit of nearly 45 million dollars to almost zero, but this whale in the crypto circle, known as 'Brother Ma Ji', can always quickly replenish hundreds of thousands of dollars after a liquidation and reopen high-leverage bets. This inevitably raises an unshakable question that flashes through one's mind while staring at the K-line chart late at night.
When the market fluctuates violently and countless retail investors' positions are liquidated silently, there are always some names that can 'instantly recover' after massive losses, like game characters with infinite tokens, returning to the table. Huang Li Cheng, this former Chinese hip-hop pioneer, now a high-leverage gambler in the crypto market, is one of the most eye-catching among them.
His story is full of contradictions: on one hand, his account on the Hyperliquid platform fluctuated like a roller coaster, once showing a profit of over 44 million USD, only to plummet nearly to zero along with 15 million USD in principal during the '10.11' crash; on the other hand, he always seemed to quickly recharge hundreds of thousands in funds, reopening high-leverage positions with 'mysterious' confidence. The source of his funds has become a public mystery.
01 Three-Tiered Capital Pools: Building an 'Invincible' Card
Carefully sorting through 'Big Brother Ma Ji's' footprints, one finds that his funds are not a source without origin, but are built from three clear 'capital pools'.
The first layer is the successful monetization in the traditional technology field. Huang Licheng is not a native resident of the crypto world. As early as 2015, he founded the live streaming platform 17 Media (later renamed 17LIVE), which was once very popular and received massive investments. Although the subsequent path to listing was difficult, as the founder, he completed significant capital accumulation through share buybacks and other means. This formed his initial 'traditional ammunition' for entering the crypto space.
The second layer is the 'quick money' harvesting of early crypto projects. At the end of 2017, he launched the blockchain project 'Secret Silver' (Mithril), raising 51.6 million USD through private placement. However, the project was widely regarded as 'conceptually hollow, with rough products and no real users'. The team mass-sold after token unlocks, leading to a price crash, and Huang Licheng also became known as the 'early crypto world scythe'. In addition, the Formosa Financial project he participated in was embroiled in a huge controversy over misappropriating 22,000 ETH in financing, although he personally denied this.
The third layer is precise cashing out and financial operations in the NFT field. He is one of the largest collectors of top NFT series such as Bored Ape Yacht Club. In 2023, he sold 1010 NFTs within 48 hours, cashing out huge amounts. At the same time, he actively utilized airdrop rewards from platforms like Blur and the NFT collateral lending function to convert static image assets into liquid financial capital.
02 Controversy Whirlpool: Gambler, Scythe, and 'Money Laundering' Clouds
It is this multi-layered and opaque financial cycle of 'traditional monetization + crypto harvesting + financial arbitrage' that keeps 'Big Brother Ma Ji' always in the whirlpool of controversy.
On one hand, his high-profile and aggressive trading style is seen by many as purely that of a gambler. From early projects like Secret Silver and Cream Finance to various Meme coins later on, his projects are often accompanied by accusations of 'pump and dump' and huge price fluctuations. On-chain detective ZachXBT has detailed accusations of market manipulation and misappropriation of funds, although Huang Licheng has countered these allegations through legal means.
On the other hand, his ability to 'lightning' replenish margin after encountering tens of millions in liquidations has led to incessant doubts about 'money laundering'. People suspect that the continuous flow of funds comes from those unknown corners of his past projects.
03 From Mist to Transparency: When Value No Longer Relies on Personal Credit
The case of 'Big Brother Ma Ji' acts as a mirror, reflecting an ancient dilemma in the crypto world: Are we investing in a transparent value network, or are we betting trust on a glamorous figure with a blurred background?
When the value and security of assets highly depend on the credit, operations, or even morals of a centralized individual or entity, investors are always at a disadvantage in terms of information asymmetry. Whether it is the project party suddenly selling off or the destination of funds shrouded in mystery, it brings losses that ordinary users can hardly bear.
This is precisely why the concept of Decentralized USD (USDD) and its practitioners are crucial. It attempts to answer a fundamental question: Can a value-stable system be built, whose trust does not come from the endorsement of any individual or company, but from mathematics, code, and verifiable facts on the blockchain?
Taking USDD as an example, it has taken a completely different path:
Over-collateralization and on-chain transparency: Every USDD generated corresponds to over-collateralized and publicly reported on-chain assets (such as BTC, TRX). Users do not need to trust any institution's statements; they can verify in real-time through blockchain explorers the 'reserves' that underpin its value. Trust has shifted from reliance on people to verifiable algorithms.
Decentralized governance: USDD is governed by the global community of the TRON DAO, with key parameter adjustments made through open proposals and voting. No centralized team can unilaterally decide to issue more or change rules; the rules themselves are written into code, forming stable expectations.
Combining stability and yield: By anchoring a stability module (PSM), USDD can achieve 1:1 lossless exchange with USDT and USDC, ensuring price stability. At the same time, its interest-generating assets like sUSDD, ensure that stablecoins are no longer dormant cash but 'living assets' that can generate returns.
04 Conclusion: Finding a Solid Foundation Amid the Clamor
'Big Brother Ma Ji's' wealth story may continue, and the controversy over the source of his funds may not have a clear answer in the short term. But his story serves as a wake-up call for all market participants: while chasing extraordinary profits and myths, one must examine what they rely on—is it an illusory personal narrative or a solid and transparent system?
The essence of the market is the exchange of risk and reward. While some are obsessed with using opacity to create risks and shift them to others, another group of builders is committed to using technology to eliminate this opacity and reduce systemic risk.
Choosing the former means always guessing the 'big boss's' card; choosing the latter means entrusting assets to a public protocol that no one can tamper with alone. At the crossroads of the crypto world moving towards a broader future, the choice is between the thrilling excitement of an old story or the stable reliability of a new paradigm. The answer may be hidden within infrastructures like USDD that write 'stability' into their genes.
