Big Brother Maqi's October "Liquidation Hell": The High Leverage Risks Behind 145 Liquidation Events

Taiwanese well-known rapper Huang Licheng (stage name “Maji Gege”) has been deeply involved in cryptocurrency trading in recent years, but he encountered an unprecedented setback in October. According to on-chain data platform Lookonchain, since the market experienced a significant correction in mid-October, he has accumulated 145 liquidation records, making him one of the most high-risk traders in the crypto space. Behind these figures reflects the brutal reality of leverage trading under market volatility.

From Profit to Loss — A One-Month Turnaround

Maji Gege’s trading story is quite dramatic. In September last year, his trading address showed a paper profit of $45.66 million, leading many investors to regard him as a “market winner.” However, as the market sharply turned in October, these impressive numbers completely reversed — not only did he lose all gains, but his entire account also fell into an unrealized loss of over $18.46 million.

According to Hyperbot’s trading statistics, Maji Gege initiated a total of 10 trades over the past month, but the market almost always went against his judgments. Of these, 9 resulted in losses and only 1 in profit, with a trading win rate of just 10%. As of the latest data, his realized losses have totaled $6.48 million.

Liquidation Cycle: The “Add Margin → Margin Call → Recharge” Vicious Circle

Maji’s trading behavior exhibits a shocking pattern. Even after multiple liquidations, he has not stopped trading. After the most recent margin call, he immediately deposited $115,000 into the trading platform Hyperliquid and continued to go long on Ethereum with 25x leverage. This “re-entering immediately after being wiped out” cycle has almost become routine.

According to Hyperdash, an on-chain data tracking tool, over the past week, Maji has repeatedly gone through the “add margin → liquidation → recharge” cycle daily. His leveraged position exceeded 1,550 ETH (worth about $4.39 million at the time), with an opening price of $2,883.93. The liquidation price was set at $2,818.37, meaning any slight price fluctuation could trigger a margin call. As of the latest update, Ethereum’s price has risen to $3.03K, a range of price movement sufficient to trigger multiple liquidations.

The risk of such high leverage is that seemingly small market fluctuations, when amplified 25 times, can destroy the entire position. Maji’s 145 liquidation records are the most direct reflection of this leverage magnification effect.

Warning or Entertainment — The Market Significance of High-Leverage Trading

Maji Gege’s experience has sparked widespread discussion in the crypto community. Supporters believe his persistence is admirable — “at least he didn’t run away with liquidity, but kept adding liquidity”; some feel sorry for him — “this is truly heartbreaking, the market is unpredictable, everyone needs to stay calm”; others comment humorously — “either getting liquidated or on the way to liquidation.”

Regardless of opinions, Maji’s case clearly demonstrates the dual nature of high-leverage trading: it can amplify gains but also magnify losses. When the market moves as expected upward, 25x leverage can bring astonishing returns; but if judgment is mistaken or the market moves in the opposite direction, the same multiple accelerates capital depletion. His shift from a profit of $45.66 million to an unrealized loss of $18.46 million is the best illustration.

This “liquidation marathon” has not only become one of the most discussed topics in October’s crypto space but also serves as a warning to traders. Whether Ethereum’s subsequent trend can revive Maji or lead to more chain reactions of liquidation has become a focus of ongoing market observation. All of this reminds traders: no matter how skillful the market judgment, it cannot fight against the systemic risks brought by leverage.