Brother Ma Ji lost 1.7 billion but refuses to admit defeat! 8.71 million Margin Replenishment ETH, encountered a hater's witty reply "What a petty replenishment"

The artist “Brother Ma Ji” Huang Li-Cheng recently suffered a huge loss of NT$1.67 billion in the Crypto Assets market, but he remains calm and even posted a photo of himself watching an NBA game, sitting in the VIP section alongside the back of star player Curry. In fact, after being liquidated, Brother Ma Ji deposited about NT$8.71 million into the exchange Hyperliquid to continue going long on Ethereum.

Brother Maji's roller coaster of wealth from earning 13.7 billion to losing 4.2 billion

In recent years, “Brother Maji” Huang Licheng has focused on the cryptocurrency market and once made a profit of 6.5 million USD (approximately 195 million TWD) through HYPE, earning him the title of “Crypto Circle Legend.” However, his investment results changed from an accumulated profit of 448.4 million USD (approximately 13.75 billion TWD) to an accumulated loss of over 137 million USD (approximately 4.2 billion TWD). Such drastic fluctuations in wealth are not uncommon in the cryptocurrency market, but when it happens to a well-known artist, it still draws widespread attention.

From earning 13.75 billion to losing 4.2 billion, it means that Brother Maji's total loss is approximately 17.95 billion (13.75 + 4.2). This number far exceeds what the average person can imagine, but for traders using high leverage in the crypto market, such volatility is the norm. Huang Licheng's trading strategy is clearly extremely aggressive, possibly using 10 times or even higher leverage, which amplifies both profits and losses proportionally.

Unexpectedly, the market has recently experienced severe fluctuations, and Brother Ma Ji has incurred losses of up to $56.6 million (approximately NT$1.7 billion). According to foreign media analysis, the recent fluctuations in cryptocurrency prices have been significantly affected by the U.S.-China tariff issues and market volatility. Based on data from on-chain monitoring websites, Huang Li Cheng's total losses amount to approximately NT$1.7 billion. This figure only refers to recent losses, not the total losses. From the timeline, this loss of NT$1.7 billion may have occurred during the cryptocurrency market flash crash triggered by Trump's tariff threats on October 10.

Brother Ma Ji did not mention anything about the losses, but instead frequently shares his recent leisure activities on social media. On October 22, he once again posted photos of himself watching the Nuggets play in the NBA, sitting in a VIP seat worth between 300,000 to 500,000 New Taiwan Dollars, and was captured in the same frame as star player Curry. This kind of calm attitude of 'seeking fortune in danger' has sparked polarized reactions online.

After the post was exposed, netizens left comments mocking: “Uncle can still sit in the front row, there should be only one left,” “Did Uncle top up?” “Uncle's pocket money to sit in the front row of the Lakers' home court is still OK,” “Did ㄤ扣 top up?” “I'm coming, ㄤ扣.” These comments reflect netizens' curiosity and mockery about the financial status of 麻吉大哥. “Uncle” is the nickname of 黃立成 in the crypto space, while “ㄤ扣” is a playful pun on “Uncle.”

Huang Licheng posted a half-naked photo with white hair by the pool on October 16, writing “California Love,” seemingly unaffected by his mood. This attitude of remaining optimistic and living a high-profile lifestyle after incurring significant losses is extremely rare among wealthy Chinese. Most people choose to keep a low profile after suffering major financial losses, but the high-profile nature of Brother Maji has instead become part of his personal brand.

8.71 million margin call continue to go long 2300 coins of Ethereum

(Source: Arkham)

In fact, after being liquidated, Brother Majis deposited 284,000 USDC (about NT$8.71 million) into the exchange Hyperliquid, continuing to go long on Ethereum (ETH). According to data from the on-chain monitoring website Arkham, Huang Licheng holds approximately 2,300 Ethereum, worth about 8.8 million USD (about NT$270 million). This kind of behavior of immediately replenishing positions after a massive loss is extremely rare in trading psychology.

Most traders choose to temporarily exit the market after suffering significant losses, calmly assess their strategies, and regroup their mindset. However, the quick replenishment by Brother Maji shows that he has strong confidence in his trading strategy and market judgment, or rather, he simply does not care about these losses. The replenishment amount of 8.71 million is an astronomical figure for an ordinary person, but for Huang Licheng, who has once accumulated profits of 13.75 billion, it may just be “pocket money.”

A holding of 2,300 Ether in the crypto space qualifies as a whale level. Based on the current Ethereum price of around 3,800 USD, this holding is valued at approximately 8.74 million USD (close to the 8.8 million USD mentioned in the text). If Huang Licheng uses leveraged trading, the actual exposure could far exceed this figure. For example, if he uses 5x leverage, his effective exposure would reach 44 million USD (approximately 1.35 billion NTD).

A netizen asked Uncle Ma Ji, “Are we still supplementing today?” He replied with a witty retort: “Supplement what!” This golden quote quickly spread in the crypto community and on social media. However, Huang Li-cheng later posted a black-and-white still from a play on social media, writing: “Uncle, how many branches of XX are there? Supplement what,” claiming it was a line he improvised in the movie “Killer: Ouyang Penzi”. This was his self-mocking response to the topic of liquidation in the crypto world, leading many fans to laugh and exclaim, “This line has become a prophecy!”

Maji Brother's Replenishment Strategy Analysis:

Margin Call Amount: 284,000 USDC (approximately 8.71 million New Taiwan Dollars)

Current Position: Approximately 2300 Ether, worth 8.8 million USD (about 270 million NTD)

Exchange: Hyperliquid (decentralized perpetual contract platform)

Trading Direction: Go long on Ethereum, indicating optimism for ETH's future market.

This “never give up” trading mentality is extremely common in the crypto market, especially among traders who have experienced huge profits. Psychological studies show that those who have achieved great success are more likely to become overconfident, underestimate risks, and overestimate their judgment capabilities. The experience of Big Brother Ma from earning 13.75 billion to losing 4.2 billion is a typical case of this psychological mechanism.

Legend of the Crypto World or a Gambler's Warning? Mixed Reviews from Netizens

Interestingly, on the 16th, Huang Li-cheng posted a black-and-white still from a play on the social platform Threads, accompanied by the caption: “Uncle, how many branches are you lazy to feel this spring, supplementing three small ones.” He stated that this line was his improvised dialogue in the movie “Killer: Ouyang Penzi,” responding with self-deprecation to the liquidation incident in the coin circle, causing many fans to laugh and exclaim: “This line has come true!” This kind of humorous way to alleviate awkwardness is extremely effective in the era of social media.

Previously, Huang Licheng had frequently quoted several classic financial sayings in the community, posting to motivate himself and demonstrate his determination to make a strong return to the coin circle. This high-profile attitude has sparked polarized opinions among netizens.

Supporters believe that Uncle Ma's calmness demonstrates the mindset of a true wealthy person, and a loss of 1.7 billion might just be a small part of his assets. He can still sit in the front row of the NBA, travel, and continue to average down, showing that his financial situation has not collapsed due to this loss. This kind of “can afford to lose” attitude is extremely rare in the Chinese community and is worthy of respect.

Critics argue that Huang Licheng's behavior is a typical manifestation of a gambler's mentality. After incurring massive losses, instead of reflecting on strategies, he continues to increase his positions and gamble, which may provide a misleading example for fans and followers. The high risks of the Crypto Assets market are not suitable for ordinary investors, and the high-profile flaunting by celebrities may mislead retail investors to follow suit, ultimately resulting in more people suffering losses.

From a risk management perspective, the strategy of Brother Ma Ji has serious problems. Professional traders usually reduce their positions, lower leverage, or even temporarily exit after suffering significant losses. However, Huang Li Cheng's behavior of adding positions indicates that he may have fallen into the psychological trap of “revenge trading,” trying to quickly recover losses by increasing his bets. This strategy statistically has a very low success rate and often leads to even greater losses.

However, it is also possible that Brother Majie possesses information or strategies that retail investors do not understand. As a major player deeply involved in the crypto market, he may have close connections with project parties, market makers, or other large holders, gaining access to market intelligence that ordinary people cannot obtain. If this is indeed the case, his replenishment may not be gambling, but rather a rational decision based on insider information. However, this information asymmetry is precisely the greatest disadvantage for retail investors in the crypto market, and ordinary investors should not blindly imitate the operations of large holders.