A market crash dragged him from the heights of floating profits of tens of millions of dollars into the abyss of consecutive liquidations, with his account funds once dropping to only 1718 USD. This former Chinese hip-hop pioneer staged a dramatic 'zeroing out' performance in the crypto derivatives market.
This crypto whale has experienced a total of 200 liquidations after the market crash on October 11, with total losses exceeding 22.88 million USD. As of December 16, he had only 53,178 USD left in his account on Hyperliquid.
He has recently continued to increase his long position in 300 ETH, raising the total amount of his Ethereum long position with 25x leverage to 11.82 million USD, with a holding of 3750 ETH. This behavior pattern of 'buying more as losses increase' has sparked widespread speculation in the market about his true intentions.
One, astonishing losses
● Since the market crash on October 11, Brother Ma's trading account on the Hyperliquid platform has faced unprecedented blows. According to on-chain monitoring data, his long positions have been liquidated 10 times again, with the cumulative number of liquidations reaching an astonishing 200 times.
● This former contract trading star has now incurred total losses exceeding $22.88 million, with account funds shrinking to just $53,178. This ongoing 'liquidation marathon' has become a focal point of attention within the crypto community.
● Time traveled back to early November, the situation became even more dire. At that time, Brother Ma used the last $16,700 in his account to open a 25x leveraged long position of 100 ETH, and 24 hours later, he was liquidated again, with his account balance temporarily reduced to $1,718.
Two, trading characteristics
Brother Ma's trading model exhibits distinct characteristics. According to PANews' analysis of his trading data, this whale shows typical traits of high win rates and low profit-loss ratios.
● His overall win rate is 77%, but his profit-loss ratio has reached 1:8.6. This means he tends to take profits whenever there are some gains, but often chooses to hold onto losing trades until they become extremely large losses or liquidations.
● In terms of holding time, his profitable trades have an average holding time of 31 hours, while the average holding time for losing orders reached 109 hours. This 'win like a bird eats, lose like a crash' pattern exposes serious flaws in his trading discipline.
● Brother Ma is almost a complete 'bull.' In all trades, 94% are long positions, while only 6% are short positions. Among them, long positions lost $46.88 million, while short positions gained $380,000.
Three, today's positions
● Despite experiencing such heavy losses, Brother Ma did not stop his long position operations. On December 15, according to HyperInsight monitoring, he continued to increase his long position by 300 ETH within nearly 3 hours.
● As of the time of writing, his 25x Ethereum long position has risen to $11.82 million, with the position increasing to 3,750 ETH. This continuous increase in position shows his firm optimism about Ethereum's future.
● Just a day earlier (December 14), he had also reduced his position, decreasing by 786 ETH, and at that time still held 3,144 ETH (worth about $9.69 million), with a liquidation price of $3,042.74.
Four, background trajectory
● Huang Licheng's story is far more than just crypto trading. Born in 1972 in Yunlin, Taiwan, this cross-border figure gained fame in the 1990s as the leader of the Chinese hip-hop group L.A. Boyz. After transitioning from the entertainment industry, Huang entered the tech startup field, founding the 17 Live app in 2015, which quickly became popular in Taiwan, with its valuation once reaching several billion New Taiwan dollars.
● When the crypto wave rose in 2017, Huang Licheng quickly plunged into the blockchain industry. In 2018, he led the launch of the blockchain project Mithril (MITH), raising $51.6 million.
● In the summer of DeFi 2020, he launched the lending protocol Cream Finance, a fork project of Compound, with a peak total locked value exceeding $1 billion.
Five, analysis of money laundering allegations
● Some in the market question whether Brother Ma's trading behavior involves 'wash trading for money laundering,' but a careful analysis of his trading patterns and fund flows suggests that this possibility is low. Wash trading typically involves trading in opposite directions between two or more accounts to transfer funds without exposing the true intentions. However, Brother Ma's trading presents completely different characteristics.
● All his operations are conducted transparently on-chain and are tracked in real time by multiple monitoring platforms. These trades bear real market risks, resulting in actual losses exceeding $22.88 million.
● From the perspective of behavioral psychology, his trading model aligns more with the typical characteristics of 'sunk cost fallacy' and 'revenge trading.' Continuously increasing positions after losses and refusing to cut losses are common behaviors of irrational traders.
● His positions were liquidated multiple times; on October 11, when the market crashed, he lost over $11 million due to the liquidation of multiple orders, including XPL and ETH. If it were a money laundering operation, it wouldn't involve such frequent and uncontrollable real liquidations.
Six, the life of crypto whales
● On the decentralized contract trading platform Hyperliquid, Brother Ma is just one of many whales. In stark contrast to him is another 'insider big shot' who completed only 5 trades in six months but achieved an 80% win rate, earning a staggering $98.39 million.
● Most notably, he deposited $80 million to short BTC on October 11, withdrawing over $92 million in profits five days later. Unlike Brother Ma's continuous deposits, this whale continuously withdrew funds.
● There is also the number one profitable address, which has cumulatively deposited $1.11 billion into Hyperliquid and then withdrawn $1.16 billion, currently showing a floating profit of about $143 million.
● This whale adopted a completely different strategy: first opening several large bottom positions, then frequently adjusting positions through algorithms to realize profits, consuming the arbitrage space in the market through high-frequency trading.
Seven, market insights
● Brother Ma's trading story has provided all market participants with a vivid risk education lesson. From a peak floating profit of $44.84 million on September 18 to a trough with only $16,700 left in the account on November 4, only 47 days have passed.
● Even once-profitable experts can encounter setbacks when the market turns. According to PANews data, before the market crash on October 11, Brother Ma's overall position still maintained a profit level of $15 million.
● High-leverage trading is essentially a gamble of 'small bets for big rewards.' The volatility of the crypto market far exceeds that of traditional financial markets, and no whale can rest easy during wild fluctuations. Brother Ma seems to have a relaxed attitude towards his situation, leaving a message on social media: 'Was fun while it lasted.'
As of December 16, this crypto whale, who once had nearly $60 million in account assets, still maintained a position of $11.82 million. His 25x leveraged ETH long position was precarious amid market fluctuations, and liquidation alarms could go off at any time.
On the decentralized trading platform Hyperliquid, similar wealth stories continue to unfold every day. Some achieve astonishing profits through precise timing and strict discipline, while others sink deeper into the wrong direction.
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