"Ma Ji Big Cut" Recreated! Huang Licheng Takes a Loss of $21.53 Million in One Night

Taiwanese rapper Huang Licheng has recently been frequently making headlines in the crypto market, and just days ago, he staged a “Maji Big Cut” scene. According to on-chain detective Yu Jin’s monitoring data, Huang Licheng decided to cut losses and exit in the early hours of the day, closing all positions in XPL, ASTER, and PUMP in one go. This round of loss realization amounted to as much as $21.53 million, making it the most notable large-scale move during this market correction.

However, the story did not end there. Shortly after retreating, Huang Licheng reopened a long position in XPL with 5x leverage. This move has left market observers puzzled, unable to see through this big player’s true intentions.

Loss Details Revealed: XPL Becomes the Biggest Wound

According to on-chain analysis, the main culprit behind Huang Licheng’s recent losses is the XPL project. He was once the largest long holder on the Hyperliquid derivatives trading platform, having started building his long position when XPL was around $1.4. As the market declined, XPL’s price continued to fall to about $0.13, turning what once seemed a stable position into a paper loss of approximately $18 million.

In addition to XPL, positions in ASTER (current price $0.62) and PUMP (current price close to $0.00) also performed poorly, but with relatively limited losses. These positions combined resulted in the large-scale loss realization of $21.53 million.

Unrealized Loss Surpasses $42 Million: Leverage Positions Heighten Risk

Even more concerning is that Huang Licheng’s overall unrealized loss (floating loss) over the past 20 days has approached $42 million. His overall profit has been severely eroded, leaving only about $1 million in net gains. This indicates that his previously substantial profits have significantly shrunk.

In this context, Huang Licheng still holds long positions worth about $150 million, with leverage ratios reaching up to 12x. This undoubtedly poses great risk to his account. In the highly volatile crypto market, such high leverage configurations are akin to walking a tightrope—extremely dangerous.

Still Holding $150 Million Longs: Can the “Maji Big Cut” Stop the Bleeding?

According to on-chain data, although some heavily loss-making positions have been closed, Huang Licheng still maintains a large long exposure on the Hyperliquid platform:

Ethereum Position: Holding 29,600 ETH longs, currently valued at about $129 million (at the current price of $3,040), with an opening average price of $4,397 and a liquidation price of $4,058, leaving less than a 7% safety margin.

HYPE Token Position: 400,000 HYPE longs, valued at approximately $17.55 million (based on the current price of $22.07), with an opening price of $47 and a liquidation price of $21.28, offering slightly more room before liquidation.

XPL Position: Even after this loss realization, Huang Licheng still holds 3.3 million XPL longs, valued at $2.39 million, indicating he has not completely given up on this project.

Such position allocations will undoubtedly face higher risks amid significant market volatility. Many market observers are watching whether Huang Licheng can successfully turn the tide in the next market rally or if the “Maji Big Cut” story will continue to unfold.