Brother Magi takes the loss and exits! Close Position XPL, ASTER, PUMP with a loss of 21.53 million USD

Taiwanese rapper "Machi Brother" Huang Li-Cheng reported a loss and closed positions in XPL, ASTER, and PUMP at dawn today, with a single-day loss of 21.53 million USD. On-chain data shows a cumulative loss of 42 million USD over the past 20 days, with overall profit shrinking to only 1 million USD, but he still holds long positions worth 150 million USD, with leverage as high as 12 times. This article provides an in-depth analysis of the reasons behind Machi Brother's losses, the内幕 of the big dump in XPL, and a warning about high leverage risks.

Majig Brother's Terrible Stop Loss: A Bloody Lesson with a Daily Loss of 21.53 Million USD

(Source: Hyperliquid)

Taiwanese rapper and active cryptocurrency investor Ma Ji Da Ge (Huang Li Cheng) made a difficult decision in the early hours of October 10th. According to well-known on-chain detective Yu Jin's tracking data, Huang Li Cheng chose to recognize losses and close positions on three heavily weighted loss positions, namely XPL, ASTER, and PUMP, with a single-day loss amounting to 21.53 million USD, approximately 700 million New Taiwan Dollars. This figure is astronomical for any investor, and even wealthy entertainment industry stars find it hard to bear.

What is even more shocking is that this stop-loss is not the end of the story of Mahji's losses, but just one chapter of it. On-chain data reveals a more complete picture of the disaster: in the past 20 days, Huang Licheng's paper losses (unrealized losses) have accumulated to 42 million USD, approximately 1.36 billion NTD. This number means that the profits he had worked hard to accumulate in the cryptocurrency market have almost been wiped out, with overall profits reduced from previously considerable figures to only 1 million USD remaining. From tens of millions in profits to nearly zero, this rapid evaporation of wealth is rare even in the highly volatile cryptocurrency market.

However, what astonished market observers was not the loss itself, but the strategy employed by Ma Ji Da Ge. Shortly after closing the XPL position at a loss, he surprisingly opened a long position in XPL again with 5x leverage. This approach of "buying the dip" is referred to as "averaging down" or "adding positions" in trading circles, and it is a high-risk strategy. If the judgment is correct, it could indeed lead to significant recovery or even profits when the market reverses; but if the judgment is wrong, it could result in even greater losses. This strong gambling style of operation reminds many of the frenzied behavior of many investors during the cryptocurrency bull market in 2021.

As of now, Brother Ma Ji still holds long positions worth approximately $150 million on the Hyperliquid platform, with an overall leverage ratio as high as 12 times. This means he is controlling a massive market exposure with a relatively small margin, and in the highly volatile cryptocurrency market, this kind of high-leverage operation is like dancing on a tightrope; any slight adverse price fluctuations could trigger forced Close Position, resulting in a total loss of principal.

XPL Becomes the Biggest Loss Black Hole: From Hyperliquid's Largest Long Positions to a Terrible Loss of 18 Million USD

In the loss disaster of Brother Ma Ji, XPL is undoubtedly the biggest culprit. According to detailed tracking by Yu Jin, Huang Li Cheng was once the largest XPL long positions holder on the Hyperliquid platform. He began to heavily go long around the XPL price of about $1.4, establishing a massive long position. At that time, this decision might have been based on optimism for the project or technical analysis judgment, but the subsequent market trend proved this to be a costly misjudgment.

The price of XPL continued to fall after Huang Licheng built his position, with the decline far exceeding market expectations. According to estimates, just this one cryptocurrency, XPL, has caused Brother Maji to incur losses of approximately $18 million, accounting for the vast majority of his total losses. This massive loss in a single asset highlights the dangers of concentrated investment and the lack of proper risk diversification. In professional investment management, it is usually advised that the risk exposure of a single asset should not exceed a certain proportion of the total investment portfolio, but Brother Maji clearly did not adhere to this principle, or his willingness to bear risk is far greater than that of the average person.

The continuous fall in the price of XPL may have multiple reasons. The overall cryptocurrency market experienced an adjustment period in the second half of 2025, with many altcoins performing far worse than mainstream coins like Bitcoin and Ethereum. For smaller tokens with lower liquidity, price volatility is often more severe, and the decline may lack any support. Furthermore, if the project's development does not meet expectations, or if it encounters negative news, technical issues, or team changes, it can lead to a collapse of investor confidence, resulting in a spiral decline in price.

It is worth noting that after realizing losses and closing the position on XPL, Brother Magi quickly reopened a long position on XPL with 5x leverage, currently holding 3.3 million XPL in long positions, valued at approximately 2.39 million USD. This kind of operation shows that he may believe XPL has already fallen too much and presents a rebound opportunity, or he still has long-term confidence in this project. However, from a risk management perspective, repeatedly making mistakes and continuously increasing positions on the same asset is extremely dangerous, especially after already suffering significant losses.

ASTER Double-Sided Mirror: Brother Ma Ji Suffered Heavy Losses, Mysterious Whale Made a Fortune

In the loss story of Brother Maji, ASTER is another key player. Among the three cryptocurrencies he chose to sell at a loss, ASTER is one of them, contributing to part of the loss amount. However, at the same time, another scene unfolding on ASTER formed a stark contrast, highlighting the cruel nature of the zero-sum game in the cryptocurrency market.

On October 10, according to monitoring data from HyperInsight, a mysterious whale address marked as BobbyBigSize (0x7fd) was conducting completely opposite operations. In the past 14 hours, this address has continuously closed short positions on ASTER, accumulating a total of 300,000 transactions. This means that while Ma Ji Da Ge was incurring losses on long positions in ASTER, BobbyBigSize was profiting handsomely by shorting this cryptocurrency.

This comparison is not coincidental. The address BobbyBigSize has gained some fame in the cryptocurrency community, early on being nicknamed the "Air Force Commander" for holding nearly 20 short positions. However, it is this persistence in shorting that has allowed him to achieve great success in the recent market adjustments. Especially his precise shorting operation on XPL, which realized an astonishing return of over 200% through rolling positions (constantly reinvesting profits), has made him a well-known figure in the trading circle.

According to tracking data, the total position of the BobbyBigSize address is approximately 170 million USD, comparable to the position size of Ma Ji Da Ge, but the results are vastly different. Within a week, this address realized a profit of 20.46 million USD, with a current total floating profit of 9.14 million USD. The main positions of this address currently include short positions in HYPE, XPL, and SOL, indicating that he remains pessimistic about the market. Even more impressive is that this address has a monthly position win rate of over 75%, which is quite a rare success rate in high-risk cryptocurrency leveraged trading.

The showdown between 麻吉大哥 and BobbyBigSize on ASTER and XPL vividly illustrates the harsh rules of the cryptocurrency market: behind every profit, there is someone bearing an equivalent loss. The battle between long positions and short positions determines the price trend, and the side that makes the correct judgment will reap substantial rewards, while the side that errs will pay a painful price. In this game, 麻吉大哥 clearly stood on the wrong side, while BobbyBigSize became the biggest winner by accurately grasping the market trend.

12x leverage double-edged sword: What other time bombs does Brother Ma Ji hold?

Despite having already recognized losses and closed out part of his severely losing positions, Brother Maji is still maintaining an astonishing scale of long positions on the Hyperliquid platform. The largest position is in Ether, where he holds a long position of 29,600 ETH, worth approximately 12.9 million USD at the current market value. The opening price for this position was $4,397, while the liquidation price is set at $4,058. This means that if the price of Ether falls below $4,058, his entire ETH long position will be forcibly closed, resulting in the loss of all margin.

The price of Ether is currently fluctuating around $4,300, which means there is only about a $240 safety margin to the liquidation price, equivalent to less than a 6% fall. In the cryptocurrency market, a 6% fluctuation can occur within hours, especially during major news events or periods of market panic. This extremely limited safety margin highlights the risks of high leverage trading and explains why the overall leverage multiplier for Brother Majis is as high as 12 times.

In addition to Ethereum, Huang Licheng also holds a long position of 400,000 HYPE, valued at approximately $17.55 million, with an opening price of $47 and a liquidation price of $21.28. Compared to the ETH position, the liquidation price of HYPE is relatively far from the current price, providing more buffer space, but this also means that he is using relatively low leverage on this coin. In addition, he holds a long position of 3.3 million XPL, valued at $2.39 million, which is a position he reopened after taking a loss and closing a position.

This massive position portfolio faces multiple risks. First is the systemic risk of the market; if the cryptocurrency market as a whole enters a deep adjustment, all altcoins may fall in sync, and multiple positions may simultaneously face liquidation pressure. Second is the specific risk of a single coin; if any holding coin encounters negative news or technical issues, it could trigger a big dump in price. Third is liquidity risk; during periods of market panic, selling pressure may far exceed buying interest, and prices may quickly breach support levels, triggering chain liquidations.

High-leverage trading is like a double-edged sword; it can magnify profits when the market direction is correctly judged, but it can also amplify losses when judged incorrectly. 12x leverage means that the market only needs to move about 8% in an unfavorable direction to trigger liquidation, which is very dangerous in the highly volatile cryptocurrency market. For the brother who has already incurred over $40 million in losses, these remaining positions are both a hope for recovery and may also become an abyss for further losses.

The Harsh Truth and Risk Warning of High Leverage Cryptocurrency Trading

The loss case of Brother Majie provides a valuable but costly lesson for all cryptocurrency investors. This case fully demonstrates the huge risks of high leverage trading in the cryptocurrency market, where even well-funded and experienced investors can suffer devastating losses in a short period of time. The process of shrinking from a profit of 42 million dollars to only 1 million dollars can take just a few weeks, and the speed of this wealth evaporation is almost unimaginable in traditional financial markets.

The allure of high-leverage trading lies in its ability to gain massive market exposure with a relatively small amount of capital, resulting in multiplied returns when judgments are correct. However, this characteristic equally applies to the loss side. 12x leverage means that a market reversal of about 8% could lead to a total loss of capital, and in the cryptocurrency market, a daily volatility of 10% is not uncommon. Even more dangerously, high leverage amplifies emotional impacts, causing investors to struggle with rational stop-loss decisions during losses, often opting to "average down" or "add to their positions" in an attempt to lower their average cost, but this often leads to further magnification of losses.

Although the success story of BobbyBigSize is inspiring, it also requires correct interpretation. His 75% win rate and significant profits may seem easy, but behind it could be countless market research, strict risk management, and emotional control. Moreover, even a 75% win rate means that 25% of the trades are losing, and without proper stop-loss mechanisms, a single significant loss could offset multiple small profits. For ordinary investors, blindly imitating the actions of big players without understanding the underlying logic and risk management often leads to disastrous consequences.

For investors paying attention to this event, the lessons to be learned include: First, never use leverage beyond your capacity, as even financially strong individuals like Brother Ma can face huge losses; Second, strict stop-loss points must be set and firmly executed, rather than holding onto the hope of "waiting for a rebound" when in loss; Third, diversify investments instead of concentrating bets on a single asset, the lesson learned from XPL occupying most of the losses is worth noting; Fourth, recognize the zero-sum nature of the cryptocurrency market, your losses may be someone else's profits, and the market will not show mercy due to your identity or past successes.