In the cryptocurrency market, few have been able to bear three titles like Huang Licheng (Machi Big Brother): "NFT Godfather," "On-chain Giant," and "King of Liquidations."
In recent years, whether it was the NFT bull market, the MEME craze, or the Hyperliquid perpetual contract market, Huang Licheng's name always appeared in the most lively positions of the market.
Recently, in the past six months, he has once again become the focus of the entire internet.
The reason is not how much he earned, but how much he lost.
He is the most tragic "one-sided bull believer" in Hyperliquid's history, and his operational experience has not only become the ultimate textbook on high-leverage risk, but has also shown all online traders—how to convert the crazy game of the giants into a valuable market trend indicator through DEX data tracking.
1. From "Smart Money" to "Contrary Indicator"
The whale address 0x020cA66C30beC2c4Fe3861a94e4DB4A498a35872 is widely recognized as Huang Licheng's real account. Over the past six months, the curve of his account has displayed a suffocating process of wealth evaporation. Based on AiCoin's latest on-chain data tracking, this address once peaked at an account net worth of $50.3916 million in September 2025 due to its heavily bullish positions, with a historical floating profit exceeding $44.8 million at one point. However, as the market experienced severe bull-bear fluctuations, his extreme obsession with high-leverage longs and refusal to stop-loss led this address to a cliff-like drop to zero.
In the crypto derivatives market, the distance to forced liquidation is inversely proportional to the leverage multiple.
When Huang Licheng frequently used 25x leverage, the market only needed to reverse by 4% for his account to face a 100% absolute liquidation.
2. How Rich is Huang Licheng?
Faced with such frequent and large-scale liquidation, what ordinary investors find most difficult to understand is: why can he lose nearly $30 million but still have a continuous flow of capital to recharge? Why is he so wealthy?
This must be attributed to Huang Licheng's phenomenal entrepreneurial success in Web2 and the massive original capital he accumulated in the early days of Web3:
1. Web2 Entertainment Godfather and Internet Pioneer: Huang Licheng was a core member of the well-known Taiwanese hip-hop group L.A. Boyz and the "Machi Family" in his early years, earning significant royalty income and widespread social fame in the Chinese music scene. More importantly, his successful business transformation saw him establish the mobile live streaming platform "17 Live" (17 Media) in 2015, sparking a golden craze for mobile live streaming in the Asia-Pacific region. Subsequently, this platform was successfully acquired for a huge sum, allowing Huang Licheng to cash out on an astonishing Web2 cash flow.
2. Whale and King of NFT Trading in the Web3 Era: After entering the crypto world, he became one of the earliest whales. He deeply participated in or founded several early DeFi and crypto projects such as Mith and Cream Finance. During the NFT craze of 2021-2022, he became the world's largest holder and key trader of the Bored Ape Yacht Club (BAYC). Later, he utilized the points mining mechanism of the NFT trading platform Blur, reaping tens of millions of dollars in profits through aggressive order placements and arbitrage. This dual wealth thickness of Web2 + Web3, which is difficult for ordinary people to reach, formed the foundation for his repeated battles and high-frequency recharges on Hyperliquid, making his financial power a famous "mystery" within the crypto circle.
(Bored Ape (BAYC) )
3. How to Turn On-chain Whale Data into Trading Signals
Huang Licheng's tragic ending proves to the entire internet: In the cold battlefield of derivatives, fame and capital thickness are worthless in the face of the wrong leverage direction. However, for ordinary investors, the liquidations of whales should not merely be gossip over tea but should be transformed into a highly referential trading weapon through the AiCoin DEX data tracking system.
1. The Value of AiCoin DEX Whale Real-time Opening and Closing Tracking "Heavenly Eye"
In traditional centralized exchanges (CEX), retail investors can hardly see the specific positions and opening costs of the top ten big players. However, in the era of decentralized perpetual contracts (DEX), all data is on-chain. AiCoin's unique DEX on-chain module can aggregate whale addresses on the Hyperliquid platform, providing users with the following real-time dimensions:
- Real-time Opening and Closing Dynamics: Minute-level capture of whether big players like Huang Licheng are shorting at highs or blindly bottom fishing, clearly showing the true direction of the long-short capital game.
- Accurate Holding Average Price and Leverage Multiple: Directly view the whale's cards and calculate their liquidation trigger lines.
- Dynamic Net Value and Cumulative PnL Curve: Automatically filter out the current market's "smart money" and "contrary indicators"
Now, AiCoin has launched a dedicated Hyperliquid open data service that not only supports official compatible interfaces but also further provides whale behavior analysis, account profit and loss statistics, liquidation data, holding trajectories, order details, and other enhanced data capabilities:
https://www.aicoin.com/zh-Hans/hyperliquid-api
2. Core Trading Strategy: Practical Application of Whale Liquidation Points as "Magnetic Attraction Effect"
When AiCoin DEX data indicates that Huang Licheng and other "one-sided obsession big players" begin to continuously recharge during market crashes, fighting the trend with 25x leverage, smart traders are able to instantly gain two highly valuable macro references:
First, Avoid the Trap of Blindly Bottom Fishing: A whale's blind averaging means that the strength of the market's bears has not been fully released. As long as Huang Licheng's massive long positions are not totally liquidated, the bears have a strong incentive to continue pushing down the currency price to consume his tens of millions of dollars in margin. Therefore, as long as the whale isn't liquidated, the bottom has not been reached.
Second, Find the Critical Point of Volatility Explosion: As the whale's margin rate approaches the critical liquidation line, AiCoin monitored strong liquidation prices often form a huge "magnetic point." Once the currency price touches that position, it will trigger a chain liquidation on-chain, resulting in a very strong downward spike. Retail investors can preset grid buy orders below the strong liquidation points indicated by AiCoin or follow the trend to short once that critical point is broken, capturing the most explosive intraday fluctuations.
4. Respect the Market and Use Data to Insight Truth
Huang Licheng burned in the flames of decentralized contracts, showing his obsession with one-sided longs across more than 200 liquidations. He is the best living sample for studying the "overconfidence bias" and "gambler's fallacy" in behavioral finance. His story warns us: In the world of derivatives, there are no eternal funding advantages, only discipline that follows the trend.
In this era where data equals wealth, blindly following trends and trading by feeling are destined to be ruthlessly harvested by the market. With AiCoin's DEX data tracking, ordinary investors can gain a "heavenly eye" to see on-chain truths, turning the painful lessons of big players into their own risk-hedging assets and profit opportunities. Respect the market, tighten leverage, and ensure that every opening and closing position is based on real, transparent on-chain data.
Risk Warning: The views mentioned in this article are for technical analysis learning and reference only and do not constitute any investment advice. Cryptocurrency assets are highly risky; trade at your own risk. Join our community to discuss and become stronger together!
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