When Brother Ma Ji left the casual remark "Was fun while it lasted." on social media, nearly $60 million in his account had vanished in just 47 days. This hip-hop pioneer, who once became popular across the two shores, crossed over from the entertainment industry to the tech industry, and then dove into the cryptocurrency arena, has spent years performing a wealth roller coaster of "one thought of heaven, one thought of hell." Especially in the past two years, his crazy operations in the contract market have exposed the brutality of the crypto world and the greed of human nature, ringing a loud warning bell for all profit-seekers.
The ups and downs of the crypto track: from 'scalper' to the frenzied accumulation of whales.
Brother Majie's connection with the crypto track began with the ICO frenzy of 2017, initially carrying the genes of speculation. His first blockchain project, 'Mithril (MITH),' claimed to be the 'Blockchain version of Instagram,' and through the concept of 'social mining,' it raised $51.6 million in private placement, with the token's price once soaring after its launch. However, the team subsequently sold 89% of the circulating tokens, causing the price to plummet by 99%, leaving countless retail investors empty-handed; he was thus labeled as a 'scalper.' The 'Treasure Island Financial' project in 2018 similarly ended poorly, raising $23 million before collapsing due to the misappropriation of $110 million in assets.
What truly placed him among the 'whales' in the crypto circle was his extreme pursuit of trends. With the rise of DeFi in 2020, his lending protocol Cream Finance reached a peak total locked value of over $1 billion. Even after suffering over $200 million in losses from five hacker attacks within a year, he still made a fortune by selling tokens early. With the NFT craze in 2021, he accumulated hundreds of Bored Apes (BAYC), Mutant Apes (MAYC), and other blue-chip NFTs at low prices, then leveraged the star effect for hype, ultimately selling 1010 NFTs in a single transaction for $18.6 million during a Blur platform event in 2023, with his NFT assets valued at over $300 million at their peak. In the Meme coin craze on the Solana chain in 2024, he launched the BobaOppa token in the name of his dog, raising over $40 million in 24-hour presale, once again proving his keen sense of trend and charisma.
At this time, Brother Majie had already become an opinion leader in the crypto circle, with his trading dynamics revered as an 'investment guide' by retail investors, and the speed of wealth accumulation drove the market crazy. However, his experiences of frequently switching tracks and retreating unscathed after project collapses also gradually bred the illusion of 'controlling the market,' laying the groundwork for the later disastrous failure in the contract market.
The life and death of the contract market in 47 days: Heaven and hell under 25x leverage.
If the previous ups and downs still left some buffer, the operations in the contract market over the past two years have left Brother Majie completely trapped in a desperate situation of 'winning means becoming a god, losing means going to zero.' In June 2025, he began contract trading on the decentralized trading platform Hyperliquid, initially investing only $460,000, heavily loading ETH and HIG, and boldly using 25x leverage—this leverage ratio means that a 1% increase in assets could yield a 25% profit, but a 1% drop could trigger liquidation.
Fate initially favored this 'whale' extraordinarily. With the market's upward trend and precise bets, his account net worth soared to nearly $60 million within three months, increasing by a full 130 times, with floating profits reaching $44.84 million. He crazily shared account screenshots on Twitter, boasting about his trading results, leading countless retail investors to follow suit, as if following him would allow them to touch the wealth paradise. At this time, he had long been intoxicated by the profits brought by leverage, throwing risks aside, even treating floating profits as margin to continue adding positions, showcasing the mad operation of 'compound leverage.'
But the cruelty of the crypto market never leaves room for the greedy. In October 2025, the crypto market suddenly crashed, with ETH plummeting from $4765 to $3057, and BTC falling below the $100,000 mark, bringing disaster instantly. On October 10, his XPL tokens experienced a single-day plunge, resulting in a floating loss of $21.53 million, instantly turning profit into loss; on November 3, a 25x leveraged ETH long position was forcibly liquidated, with another $15 million evaporating, leaving only $16,700 in his account.
Unwilling to accept defeat, he chose to bet everything again, using his last funds to open a 25x leveraged long position of 100 ETH—meaning that if the ETH price dropped by 2.5%, he would be liquidated. 24 hours later, ETH fell below $3220, and the smart contract automatically executed the liquidation, leaving his account balance with only $1718. From a peak of nearly $60 million to nearly zero, it took only 47 days; the leverage that was once a 'wealth amplifier' had completely turned into a 'catalyst for destruction.'
Bloody warning: The crypto market has never had the myth of 'guaranteed profits without losses.'
Brother Majie's tragedy is not an isolated case, but a microcosm of countless speculators in the crypto market. His miserable defeat exposed the three deadliest traps in high-risk trading, leaving a shocking warning for future investors.
Leverage is poison, and greed is the original sin. The madness of 25x leverage, the endless holding of losing positions without stop-loss, and the compounding illusion of using floating profits to leverage are essentially suicidal behaviors driven by greed. Leverage can amplify profits, but it can also multiply risks; in the highly volatile crypto market, even the most accurate judgment cannot withstand a single market reversal, and the gambler mentality of 'wanting to earn more after making a profit, wanting to recover losses after incurring a loss' will only lead one deeper into the mire of loss, ultimately being devoured by the market.
Decentralization ≠ No risk; blindly following the trend will lead to backlash. The decentralized trading platform chosen by Brother Majie lacks effective risk control, and the lack of a human-intervened clearing mechanism triggers a chain reaction of 'slippage forced liquidation' during market fluctuations, further amplifying losses. Those retail investors who follow his operations neither understand his position strategy nor are aware of the risk exposure, blindly following the 'whale effect,' ultimately becoming the 'cannon fodder' of market fluctuations. In fact, the crypto market is never short of overnight wealth myths, but more so the brutal reality of 'one general's success leaves thousands of bones in its wake.'
Speculation is difficult to sustain; only by respecting the market can one survive. From the ICO era of harvesting leeks to chasing the windfalls of DeFi, NFTs, and meme coins, every success of Brother Majie relied on the speculative logic of 'buy low and sell high,' while ignoring the value and risks of the projects themselves. When he treated the contract market as a 'cash machine,' believing he could control the market rhythm, he had long violated the basic logic of investing. The crypto market may be full of opportunities, but its cruelty far exceeds that of traditional financial markets; without respect and risk awareness, no matter how strong the capital or keen the instinct, it will ultimately lead to zero.
The story of Brother Majie has come to an end; from hip-hop superstar to tech new elite, to the 'most tragic whale' in the crypto circle, his ups and downs warn every profit-seeker: the crypto track has never been a paradise for 'getting rich overnight' but a shura field that tests human nature and rationality. Under leverage, heaven and hell are just a step apart; above greed, even the most brilliant wealth myths will ultimately turn to dust. For future investors, instead of chasing the elusive high profits, it is better to adhere to the bottom line of rational investment—stay away from excessive leverage, refuse to follow blindly, and respect market laws, so as to maintain one's own stability amid the swirling tides of capital.
