A market crash dragged him from the heights of floating profits of tens of millions of dollars into the abyss of consecutive liquidations, with his account balance once plummeting to just $1,718. This former Chinese hip-hop pioneer staged a dramatic "zeroing out" performance in the crypto contract market.

After the market crash on October 11, this crypto whale has already experienced a staggering 200 liquidations, with total losses exceeding $22.88 million. As of December 16, his account balance on Hyperliquid was down to just $53,178.

Recently, he continued to increase his position with 300 ETH long contracts, raising his 25x leveraged Ethereum long position to $11.82 million, with a total of 3,750 ETH held. This behavior of "buying more as losses mount" has sparked widespread speculation in the market about his true intentions.

1. Astonishing Losses

● Since the market crash on October 11, his trading account on the Hyperliquid platform has faced unprecedented blows. According to on-chain monitoring data, his long positions have been liquidated 10 more times, bringing the total liquidation count to an astonishing 200 times.

● This former contract trading star has now incurred total losses exceeding $22.88 million, with his account balance shrinking to just $53,178. This ongoing "liquidation marathon" lasting over two months has become a focal point of attention in the crypto community.

● Looking back to early November, the situation was even more dire. At that time, he opened a 25x leveraged long position of 100 ETH with the remaining $16,700 in his account, only to be liquidated again 24 hours later, with his account balance dropping to just $1,718.

2. Trading Characteristics

His trading pattern exhibits clear characteristics. According to PANews' analysis of his trading data, this whale shows typical traits of high win rate and low profit-loss ratio.

● His overall win rate stands at 77%, but his profit-loss ratio is 1:8.6. This means he tends to take profits quickly but often holds onto losing positions until they result in massive losses or liquidation.

● In terms of holding time, his profitable trades have an average holding time of 31 hours, while losing trades average 109 hours. This "win like a bird, lose like a crash" pattern reveals serious flaws in his trading discipline.

● He is almost a complete "bull". In all his trades, 94% are long positions, with only 6% being short. His long positions have lost $46.88 million, while his short positions have gained $380,000.

3. Current Positions

● Despite such heavy losses, he has not stopped his long position operations. On December 15, according to HyperInsight monitoring, he continued to increase his position with 300 ETH long contracts within a span of nearly 3 hours.

● As of the time of writing, his 25x leveraged Ethereum long position has risen to $11.82 million, with a total of 3,750 ETH held. This continuous increase in position shows his firm optimism about Ethereum's future.

● Just the day before (December 14), he had reduced his position by 786 ETH, still holding 3,144 ETH (worth about $9.69 million) at a liquidation price of $3,042.74.

4. Background Trajectory

● Huang Licheng's story goes far beyond crypto trading. Born in 1972 in Yunlin, Taiwan, this cross-disciplinary figure rose to fame in the 1990s as the leader of the Chinese hip-hop group L.A. Boyz. After transitioning from the entertainment industry, Huang entered the tech startup field, founding the 17 Live App in 2015, which quickly became popular in Taiwan, with a valuation reaching billions of New Taiwan dollars.

● When the crypto wave surged in 2017, Huang quickly immersed himself in the blockchain industry. In 2018, he led the launch of the blockchain project Mithril (MITH), raising $51.6 million.

● During the DeFi summer of 2020, he launched the lending protocol Cream Finance, a fork of Compound, which at its peak had a total locked value exceeding $1 billion.

5. Money Laundering Allegations Analysis

● There are market speculations questioning whether Huang's trading behavior involves "wash trading for money laundering," but a careful analysis of his trading patterns and fund flows suggests this is unlikely. Wash trading typically involves opposite-direction trades between two or more accounts to transfer funds without revealing true intentions. However, Huang's trading shows completely different characteristics.

● All his operations are conducted on a publicly transparent blockchain, monitored in real-time by multiple platforms. These trades bear real market risks, leading to actual losses exceeding $22.88 million.

● From a behavioral psychology perspective, his trading pattern aligns more with typical characteristics of sunk cost fallacy and revenge trading. Continuously increasing positions after losses and refusing to cut losses are common behaviors of irrational traders.

● His positions have been liquidated multiple times; during the market crash on October 11, he faced liquidations on multiple orders including XPL and ETH, resulting in an overall loss exceeding $11 million. If it were a money laundering operation, it would not involve such frequent and uncontrollable real liquidations.

6. Portrait of Crypto Whales

● On the decentralized contract trading platform Hyperliquid, Huang is just one of many whales. In stark contrast to him is another "insider big shot," who completed only 5 trades in six months but achieved a win rate of 80%, raking in $98.39 million.

● Most notably, he deposited $80 million to short BTC on October 11 and withdrew over $92 million five days later. Unlike Huang, who continuously deposits, this whale keeps withdrawing funds.

● There is also the top profit address, which has cumulatively deposited $1.11 billion into Hyperliquid and then withdrawn $1.16 billion, currently holding a floating profit of about $143 million.

● This whale employs a completely different strategy: first opening several large base positions, then frequently increasing and decreasing positions through algorithms to achieve profits, capturing the arbitrage opportunities in the market through high-frequency trading.

7. Market Insights

● Huang's trading story serves as a vivid risk education lesson for all market participants. From a peak floating profit of $44.84 million on September 18 to an account balance of just $16,700 on November 4, only 47 days have passed.

● Even former profit experts can face a Waterloo when the market shifts. According to PANews data, before the market crash on October 11, Huang's overall position was still profitable at $15 million.

● High-leverage trading is essentially a gamble of "small bets for big wins." The volatility of the crypto market far exceeds that of traditional financial markets, and no whale can rest easy amid severe fluctuations. Huang himself seems to have a relaxed attitude towards his situation, leaving a message on social media: "Was fun while it lasted."

As of December 16, this crypto whale, who once held nearly $60 million in account assets, still maintains a position amount of $11.82 million. His 25x leveraged ETH long position is precariously hanging in the balance amid market fluctuations, with liquidation alarms potentially sounding again at any moment.

On the decentralized trading platform Hyperliquid, similar wealth stories continue to unfold every day. Some achieve astonishing gains through precise timing and strict discipline, while others keep sinking in the wrong direction.

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