Big Brother Maqi Huang Licheng invested approximately $13.16 million in Hyperliquid since October last year, going long on Ethereum and HYPE with 25x leverage. He has been liquidated a total of 252 times, with a peak of 71 times in a single month. His account balance dropped from $50.39 million to $53,000, a decrease of over 99%. On Monday, he transferred in $250,000, and by Thursday, he was liquidated again.
Investing $13.16 million in 4 months Nearly Entirely Lost
(Source: Hyperdash)
On-chain data shows that Big Brother Maqi Huang Licheng has invested about $13,160,000 into the Hyperliquid trading platform since October last year, but almost every transfer ended in a loss. This continuous loss pattern is shocking because it indicates that Huang Licheng has not learned from previous failures but keeps repeating the same mistakes.
$13.16 million is an astonishing figure, even for a former crypto big shot. If this money had been diversified into mainstream coins and held long-term, a significant portion of the principal could have been preserved even in the current bear market. But Huang Licheng chose the most aggressive strategy: high leverage, concentrated positions, and frequent trading—an almost suicidal approach in the crypto market.
What’s more puzzling is that after consecutive losses, Huang Licheng still insists on the same strategy. On Monday, he just transferred in $250,000 USDC to try to turn things around, but his ETH and HYPE long positions were liquidated again last night. This cycle of “adding to positions > liquidation > recharge > liquidation again” is known in trading psychology as the “gambler’s fallacy,” believing that after a series of losses, victory is inevitable. But markets do not reward you just because you’ve lost multiple times.
Now, his account balance is only $53,000, down over 99% from the peak of $50.39 million in September last year. Dropping from $50.39 million to $53,000, this near-total wipeout is extremely rare in the crypto world. Even during the Luna collapse in 2022 and FTX bankruptcy, few individual investors suffered such severe losses.
252 Liquidations in Total, Peak of 71 in One Month
Big Brother Maqi Huang Licheng is known for aggressive leverage trading, enthusiastically going long on Ethereum and Hyperliquid’s native token HYPE with 25x leverage. But he has repeatedly failed in the “add to position > liquidation > recharge” cycle. To date, he has been liquidated 252 times, a number that may set a personal record in crypto trading history.
What does 252 liquidations mean? Starting from October last year, over about four months, he was liquidated more than twice a day on average. This frequent liquidation indicates his position management is almost nonexistent. He likely used nearly full leverage on each trade, so even slight adverse price movements would trigger liquidation.
Even more astonishing is his record of 71 forced liquidations in a single month. That’s an average of 2-3 liquidations per day, which is less trading and more gambling. Normal leveraged traders would reduce their positions, adjust strategies, or pause trading after a series of losses, but Huang Licheng clearly did not.
Maqi Big Brother Liquidation Stats
Total liquidations: 252 times
Highest monthly record: 71 times
Average daily liquidations: over 2 times
Typical leverage used: 25x
Main trading assets: Ethereum, HYPE
Trading pattern: add to position > liquidation > recharge cycle
What does 25x leverage mean? It means that a 4% adverse price move can trigger liquidation. Ethereum’s daily volatility often exceeds 5-10%, so using 25x leverage in such an environment makes liquidation almost inevitable. Moreover, Huang Licheng seems to habitually operate at full position size, leaving no risk buffer.
From a trading psychology perspective, this pattern is a classic “reckless” behavior. Continuous losses trigger revenge trading, leading to increased leverage and larger positions to recover losses quickly, but this results in faster losses. Once this vicious cycle begins, it’s hard to break without external intervention or complete depletion of funds.
Huang Licheng’s case is widely known in the crypto community, earning him the nickname “Liquidation King.” Although this nickname is sarcastic, it also reflects his “legendary” status in trading failure history. Many traders use his experience as a cautionary tale to avoid repeating his mistakes.
Positions Still at Risk of Immediate Liquidation
Currently, Big Brother Huang Licheng’s leveraged positions include 80 ETH (worth about $180,000), opened at $2,345.1, with a liquidation price of $2,261.9; and 16,000 HYPE tokens (worth about $540,000), opened at $34.739, with a liquidation price of $33.347.
Both positions have liquidation prices very close to current prices. ETH’s liquidation price of $2,261.9 is only about $83.2 below the opening price of $2,345.1—roughly 3.5%. HYPE’s liquidation price of $33.347 is about $1.392 below the opening price of $34.739—around 4%. This means that even slight adverse price movements could trigger liquidation again.
Given the current market environment, these two positions are extremely risky. ETH has also faced pressure amid Bitcoin’s flash crash, dropping to as low as $1,750 yesterday. Although it has rebounded to around $1,899, it still has about 19% room to reach the liquidation price of $2,261.9. In the current bear market, a 19% rebound is not easy.
HYPE’s situation is even more dangerous. As Hyperliquid’s native token, HYPE’s liquidity is much lower than ETH, and its price volatility is more intense. Currently, HYPE trades around $34 (assumed), with only about 2% buffer to the liquidation price of $33.347. This extremely narrow margin means that even small sell-offs could trigger liquidation.
What’s more concerning is that Huang Licheng’s account only has $53,000 in cash. This is very insufficient compared to his position size (ETH worth $180,000 + HYPE worth $540,000 = $720,000). Normal risk management would require at least 10-20% cash reserves as margin buffer, but his cash is only about 7% of his positions, leaving him almost no capacity to handle price swings.
Historically, Huang Licheng tends to recharge and reopen positions quickly after liquidation. But this time may be different, as his losses have reached an extreme level, and the funds for recharging may be exhausted. If these two positions are liquidated again, his Hyperliquid trading career could truly come to an end.
Tears and Lessons of High-Leverage Trading
Big Brother Huang Licheng’s case offers valuable lessons for all crypto investors. First, leverage is a double-edged sword—it can amplify gains but also losses. 25x leverage means a 4% price move can wipe out your principal, a risk level far beyond most people’s capacity.
Second, don’t try to “recover losses.” When facing consecutive losses, the correct approach is to pause and reflect, not to increase bets in a desperate attempt to turn things around. Huang Licheng’s “recharge > add to position > liquidation” cycle exemplifies this mistaken mindset. Every recharge is essentially surrendering more capital to the market.
Third, position management is crucial. Even if you are bullish on a certain asset, you should build positions gradually, set stop-losses, and keep cash reserves. Huang Licheng’s full-position approach and extremely narrow safety margin leave no room for unexpected moves. When the market moves against expectations, the only outcome is liquidation.
Fourth, high-frequency trading combined with high leverage is deadly. 252 liquidations mean Huang Licheng trades almost daily, using high leverage each time. Even with a win rate of 60-70%, a few big losses can wipe out all profits. Transaction fees and slippage also accumulate into huge costs in high-frequency trading.
Finally, emotional control is key to trading success. Huang Licheng’s case shows that when emotions spiral out of control, even large amounts of capital can be lost. The collapse from $50.39 million to $53,000 isn’t due to market cruelty but to a fundamentally flawed trading strategy from the start.
This tragic trading history has earned him the nickname “Liquidation King,” serving as a perpetual warning to the crypto community: in crypto markets, discipline and risk management are always more important than courage and capital size.
