Ma Ji’s eldest brother is doing it again. From a profit of 35 million to a liquidation of 80 million, what has Ma Ji’s eldest brother Huang Licheng experienced? Is he the leek king in the currency circle? The king of liquidation?

Original author：AI悟空说

Original source：https://www.youtube.com/embed/tYtEhq1Bc38

Maji’s eldest brother Huang Licheng, a well-known figure who crossed over from Taiwan’s entertainment industry into the encryption field, once again added long positions on the decentralized derivatives platform Hyperliquid on July 4, 2026. According to on-chain monitoring data, he opened three long positions: 6,100 Ethereum longs with 25 times leverage, 9 Bitcoin longs with 40 times leverage, and 2,100 HYPE longs with 10 times leverage. The overall position value is about $570,000, and the return on investment is tentatively reported at 125%. Within the next few hours, he added another 17 BTC and 6,900 HYPE long orders, and the actual added position far exceeded US$570,000. This operation occurred against the backdrop of his accumulated losses on the platform of approximately US$80 million and being liquidated approximately 200 times, which aroused widespread concern in the crypto community. Huang Licheng was famous for his identity as BAYC's Boring Ape Giant Whale in his early years. After switching to Hyperliquid contract trading in mid-2025, he once made a profit of US$35 million, but then the market reversed and almost all profits were taken away. His trading model shows the characteristics of high winning rate and low profit-loss ratio. 92% of the 76 transactions were profitable, but the single profit was very small, while the few losses were huge. This increase in position comes at a time when Bitcoin is rebounding in the range of 58,000 to 62,000 US dollars, and the overall market sentiment is cautious. It is worth noting that HYPE tokens faced a large unlocking of approximately 9.9 million tokens on July 6, and the potential selling pressure cannot be ignored. Huang Licheng once publicly stated that HYPE is similar to the early BNB, showing strong confidence in the asset. His source of funds is alleged to be related to the continued reduction of NFT assets such as BAYC, and he obtains liquidity supplementary margin by selling or mortgaging NFT. The core revelation of this case to ordinary investors is that highly leveraged transactions are extremely risky for professional traders, and even more dangerous for retail investors who lack capital buffers. Overall, Brother Maji’s continuous increase in positions is not only the ultimate expression of his personal investment style, but also the epitome of high-risk games in the crypto market.