The former on-chain whale "Brother Machi" Huang Licheng made a tragic final gamble. On the decentralized trading platform Hyperliquid, he used the only $16,700 left in his account to open a 25x leveraged long position of 100 ETH. Twenty-four hours later, liquidation struck again, and his account balance was only $1,718.
This operation took place just 47 days after his account was at its peak. On September 18, by taking highly leveraged long positions, he once had an unrealized profit of $44.84 million, with a total account value approaching $60 million. However, as the market continued to fall, and with his persistent holding and adding to positions, his account "collapsed" in a series of forced liquidations—not only did he lose all his profits, but his $15 million principal was nearly wiped out.
In response, he left a lighthearted comment on social media: "Was fun while it lasted."
I. A Cross-Border Life: From Center Stage to the Capital Whirlpool
Every turn in Huang Licheng's life is full of drama:
● Pioneer of Chinese Hip-Hop: Born in Yunlin, Taiwan in 1972, immigrated to the US at age 2. In 1991, together with his brother Huang Lixing and cousin Lin Zhiwen, formed L.A. Boyz, sweeping the Chinese music scene with American hip-hop style and becoming pioneers of Hip-Hop culture in the Chinese-speaking world.
● Tech Entrepreneur: In 2003, founded Machi Entertainment and moved behind the scenes. In 2015, launched the "17 Live App," which received investment from Wang Sicong and others, with a valuation reaching several billions of New Taiwan Dollars. Later, due to content regulation issues, he adjusted his strategy and shifted the market focus to Japan and other regions.
● Crypto World Adventurer: Entered the blockchain industry in 2017, successively engaging in ICO, DeFi, NFT, Meme coins, and other fields, ultimately suffering a major defeat in leveraged trading.
II. Crypto Journey: Chasing Every Hot Trend
Huang Licheng's trajectory in the crypto world perfectly mirrors the evolution of industry hotspots:
III. The Hyperliquid Whale's Tragedy: 47 Days of a Wealth Rollercoaster
Huang Licheng's operations on Hyperliquid fully demonstrate the typical downfall path of a leveraged trader:
Stage One: The Glory and Undercurrents of Summer (June–August)
● June: Precisely traded HYPE positions, earning over $6.5 million
● July: Total long positions reached $126 million, but stubbornly bullish on PUMP led to a monthly loss of over $10 million
● August 13: Closed positions to lock in $33.83 million profit, but immediately went short and was "counter-killed" by the market
Stage Two: The Peak and Turning Point of September
● September 19: Unrealized profit climbed to nearly $45 million, reaching a historical peak
● Late September: Core positions fell across the board, with maximum unrealized loss exceeding $20 million
● September 25: Forced to add $4.72 million USDC margin, attempting to go all-in on XPL to reverse the situation
Stage Three: The Death Spiral of October
● October 9: Account profit was only about $1 million
● October 10: Lost $21.53 million in a single day, account officially turned from profit to loss
● Throughout the month, experienced no less than ten cycles of "decline → near liquidation → capital injection to add margin → liquidation again"
● October 31: Total loss reached $14.5 million
Endgame: Complete Collapse in November
● November 3: 25x ETH long position was liquidated, losing $15 million
● November 4: Used the remaining $16,700 to open a 25x long position of 100 ETH
● November 5: Liquidated again, account balance only $1,718
IV. Crypto Mirror: The Eternal Narrative of Wealth Cycles
Huang Licheng's experience is not unique. During the same period:
● "Insider Whale": Fell from a profit of $25.34 million to a net loss of $30.02 million, with only $570,000 left in the account
● James Wayne: After earning over $43 million, suffered consecutive liquidations, lost all principal, and switched to being a KOL to accumulate "gambling chips"
These stories together outline the typical wealth cycle in the crypto space: whales, like Sisyphus pushing a stone uphill, repeat the leveraged game over and over, never able to escape this vicious circle.
V. Industry Reflection: The Inevitable Loss in Extreme Acceleration
Huang Licheng's experience reflects deep-seated issues in the crypto industry:
Extreme Compression of Hotspot Cycles
● From meticulously crafted whitepapers to fundraising with "just a contract address"
● Project lifecycles shortened from years to days
● Attention economy replaces value creation as the wealth code
The Addictive Cycle of the Leverage Game
● High leverage provides the illusion of instant wealth
● Whale effect triggers blind following by retail investors
● Risk awareness gradually fades in the narrative of getting rich quick
The Complete Victory of Speculative Culture
● "Slow is fast" is replaced by "should be faster"
● Fundamental analysis gives way to emotion-driven trading
● The industry collectively loses its way in a distorted structure
Conclusion: The Warning Significance of Recurrence
Huang Licheng's story is a vivid footnote of the crypto era. From center stage to the capital whirlpool, from tech entrepreneurship to crypto speculation, he was always at the forefront of every era's trend, but ultimately lost control in the frenzy of the leverage game.
His experience reminds us that in a world where overnight riches and instant downfall have become the norm, the real risk may not lie in technological disruption or market volatility, but in the collective loss of humanity under the extreme wealth effect. When every industry advancement is overshadowed by more extreme speculation, and value creation is replaced by wealth transfer, recurrence will become the eternal theme of this industry.
And the most ironic thing is—there will always be another Brother Machi going to zero in the crypto world, and even more people still aspire to become him.
