🤯 "Brother Ma Ji"'s Leveraged Game: After losing tens of millions of dollars, where does his money come from?
Famous investor Huang Licheng (Brother Ma Ji) repeatedly experiences huge liquidations on Hyperliquid, with tens of millions of dollars vanishing into thin air, yet he can mechanically and immediately replenish margin. This reveals a bottomless three-tier capital structure:
🏰 Anchored Capital: Early successful exit from traditional tech company 17LIVE, gaining huge cash liquidity. This is his “confidence” to endure short-term massive losses.
💸 Crypto Native Capital: Early participation in controversial projects like Mithril and Cream Finance, accumulating a large amount of crypto native wealth during the early token issuance phase.
🖼️ NFT Perpetual Motion Machine: Strategically converting blue-chip NFT assets (such as BAYC) through large-scale sales, airdrops (Blur), and collateralized lending into high liquidity ETH/stablecoins, continuously providing “ammunition” for derivative trading.
Warning: This cycle of “traditional exit → early tokens → NFT liquidity → extreme leverage” is not replicable by ordinary people.
🚨 Core Lesson:
Risk Bearing: His losses are not from net asset depletion, but from the consumption of high liquidity trading reserves.
High Leverage Trap: Even those with substantial capital cannot escape the structural risks brought by $25 \times$ leverage (a 4% drop means zeroing out).
In the crypto circle, surviving is always more important than getting rich. Recognize whether you are creating liquidity or providing liquidity.
