Huang Licheng loses 710 million and opens 25x leverage again! Big Brother Ma Ji's unlimited margin replenishment revealed

American-Taiwanese singer “Brother Ma” Huang Licheng has been liquidated 200 times in the past two months, with total losses exceeding $22.88 million. Yet he has shown remarkable resilience, depositing another $1.2 million USDC into Hyperliquid this week, opening a new 25x long position with 4,100 ETH at a liquidation price of $2,698.71. Analysts say his ability to survive in the market hinges on “always having enough principal to cover the margin.”

Brother Ma Huang Licheng’s 200 Liquidation Records: How 710 Million TWD Vanished

(Source: Hypurrscan)

Brother Ma Huang Licheng’s liquidation disaster began on October 11, during the largest liquidation wave in crypto history. U.S. President Trump suddenly announced a 100% tariff on Chinese imports, triggering a surge in global risk aversion. Over $20 billion worth of digital assets’ open contracts were forcibly liquidated in a short period. During this market carnage, Huang Licheng’s highly leveraged position was hit hardest.

According to data from Lookonchain, over the two months from mid-October to mid-December, Huang Licheng was liquidated 200 times, with total losses exceeding $22.88 million (about 710 million TWD). This figure is extremely rare in crypto liquidation history; even experienced professional traders rarely face such frequent liquidations in such a short time. The high liquidation frequency of Brother Ma Huang Licheng means he is almost daily being forcibly closed out and then quickly re-entering the market.

(Source: Hypertracker)

Even more astonishing is the scale of Huang Licheng’s positions and leverage. The latest position on December 17 shows he opened a 25x leveraged long with 4,100 ETH (worth $12.08 million, about 380 million TWD), with a liquidation price of $2,698.71. Such ultra-high leverage is considered extremely aggressive by professional traders; if Ethereum’s price drops more than 4%, the entire position will be forcibly liquidated. However, Brother Ma Huang Licheng clearly doesn’t mind and continues to adopt the same high-leverage strategy.

Lookonchain posted on social platform X, lamenting: “How much money does Brother Ma Huang Licheng have to burn? No matter how much he loses, he always manages to bring more funds back in.” This question reflects the confusion of all observers. According to monitoring data, after 200 liquidations, Huang Licheng’s account is estimated to have only about $53,178 (roughly 1.67 million TWD), yet he can quickly raise $1.2 million to re-enter the market. This financial capacity indicates that Brother Ma Huang Licheng’s sources of funds far exceed what his trading account shows.

Timeline of Brother Ma Huang Licheng’s Liquidation Disaster

October 11: The largest liquidation wave in crypto history begins, Huang Licheng starts continuous liquidation

Mid-October to Mid-December: Total of 200 liquidations, averaging over 3 per day

Total Losses: $22.88 million (about 710 million TWD)

Remaining account balance: $53,178 (about 1.67 million TWD), assets nearly wiped out

December 17: Deposits another $1.2 million USDC, opens a 25x leveraged Ethereum long

Liquidation price: $2,698.71, meaning Ethereum only needs to drop 4% to trigger another liquidation

Genius A-Shui Reveals: The Key to Brother Ma Huang Licheng’s Survival

Internet influencer A-Shui analyzed Huang Licheng’s liquidation events, emphasizing admiration for him, highlighting that the key is “always having principal to cover the margin.” A-Shui pointed out that in extremely sluggish market conditions, most traders would exit after a few liquidations, but Brother Ma Huang Licheng can “lose and fight again,” a logic worth deep analysis.

A-Shui believes the core reason Huang Licheng survives in the market is “sufficient cash flow and continuous income.” As a member of L.A. Boyz and a well-known artist, he has music royalties, business investments, and other income sources. These provide stable cash flow, allowing Huang Licheng to replenish funds and re-enter the market even after significant losses in crypto trading.

A-Shui’s analysis reveals a harsh market truth: in high-leverage crypto trading, technical analysis and trading strategies are important, but the real determinant of survival is capital depth. Huang Licheng’s 200 liquidations prove that his win rate might be very low, but as long as he has a continuous stream of funds to top up, he can persist in the market. This “spending money to buy survival” logic is completely different from traditional trading theories.

However, A-Shui also issues a stern warning. He points out that after the October 11 event—the largest crypto liquidation wave in history—market prices declined sharply, and trading sentiment plunged into “extreme panic.” In this environment, even if the U.S. confirms rate cuts, it only leaves room for one rate cut per year afterward, attempting to quell market rebounds. A-Shui repeatedly urges reducing leverage to avoid losing money in this market, and reminds everyone that the crypto cycle is still ongoing; the current decline may not indicate the future trend.

A-Shui suggests that ordinary investors should focus on learning during this period, reduce market noise, and see it as a good opportunity to pick up bargains. His underlying message is that Brother Ma Huang Licheng’s approach is not suitable for ordinary people. Without sufficient cash flow and ongoing income, most investors would be completely out after a few liquidations. Huang Licheng’s ability to survive 200 liquidations is due to his financial strength, not his trading skill.

Netizens Discuss: Is Brother Ma Huang Licheng a Gambler or a Believer?

Huang Licheng’s liquidation events have sparked heated online discussions. Comments are polarized: some say, “Brother Ma Huang Licheng is really fierce; I feel embarrassed about my own losses.” Others question, “It’s hard to believe—are these gambling addictions or absolute market confidence?” Optimists believe, “One trade can recover all losses.”

From a trading psychology perspective, Huang Licheng’s behavior demonstrates extreme risk tolerance and market faith. 200 liquidations are psychologically devastating for most, but he can quickly regroup after each. This resilience may come from absolute belief in the long-term value of crypto or from numbness to financial loss. Considering his continued use of 25x leverage, he clearly believes the crypto market will eventually rebound.

However, his strategy also exposes the fatal flaw of high-leverage trading. Even if his market direction judgment is ultimately correct, the intense volatility in the process will trigger liquidations repeatedly. 25x leverage means a mere 4% adverse move can wipe out the position, and daily crypto market swings of 10-20% are common. This strategy essentially bets on a one-sided upward market, leaving no room for pullbacks, which is almost impossible in reality.

For ordinary investors, Huang Licheng’s case serves as a cautionary tale. A-Shui’s warning is very prudent: unless you have Huang Licheng-level financial strength, do not imitate his high-leverage approach. In the current market environment, reducing leverage, focusing on learning, and waiting for real opportunities is the rational strategy. Huang Licheng’s survival after 200 liquidations is an exception, not the norm; most people would be out after their 10th liquidation.