From Whales to Fragments—Analysis of the Nearly $60 Million Liquidation Case of Brother Maji in 47 Days

In a liquidation storm in November, the former crypto legend Brother Maji (Huang Licheng) saw his trading career come to a dramatic end. From peak to bottom, in just 47 days, a high-risk trading experiment spanning five months ultimately ended in total loss.

**Peak Moment: The Illusory Dream of Profit in September**

Back in mid-September, Brother Maji’s account assets on a certain perpetual trading platform reached a historic high of nearly $60 million. At this point, he held an unrealized profit of $44.84 million, with a 25x leverage long position making him one of the most prominent big players in the market. The market sentiment at the time was such that this achievement drew widespread attention from the on-chain community.

However, this brilliance also concealed the most deadly hidden danger. High leverage and concentrated one-sided bets were like dancing on the edge of a cliff—every market fluctuation could rewrite the entire situation.

**The Turning Point and the Deadly Spiral of Repeated Replenishments**

The market correction in October shattered the calm. As the price of the coin declined, Brother Maji faced a dilemma common to all high-leverage traders: to stop loss and cut losses, or to continue bottom-fishing and increase positions?

He chose the latter—repeatedly adding to his position. With each price drop, he invested more capital to lower his average cost, attempting to turn the tide through increasing his holdings. This strategy turned into a gamble in the bear market, with every downward move destroying part of his principal. Replenish → decline → replenish again → decline again, falling into a classic death spiral.

**Final Struggle and Zeroing Out**

By November 4th, when Brother Maji reopened a 25x leveraged long position of 100 ETH with only $16,700 remaining, it was no longer a rational decision but a desperate gamble.

Predictably, liquidation struck again within 24 hours. In the early hours of November 5th, his account balance was only $1,718. The massive assets of $60 million had vanished in less than two months. The $15 million principal was wiped out, and the once giant whale was left with only fragments of silver.

In response, Brother Maji left a calm comment on social media: "Just happy to have had fun" (Was fun while it lasted).

**Market Warning**

This case is not an isolated example. Every day, similar stories unfold across major trading platforms worldwide, with different protagonists and details. The temptation and destruction of high-leverage trading often happen in an instant. Leverage of 5x, 10x, or even 25x amplifies gains but also magnifies risks.

When the market experiences continuous volatility and the replenishment strategy is tested, without adequate risk management and psychological resilience, even experienced traders can be doomed. Brother Maji’s story serves as a reminder to all participants: while pursuing profits, never overlook the importance of risk control.