Recently, some media reported on the current situation of the former NFT tycoon "Brother Ma Ji" Huang Licheng (for details, see the reference link at the end of the article).
Just looking at the title of the article sparked memories of that time.
Huang Licheng was probably the most famous NFT tycoon in the entire crypto ecosystem during the NFT boom in 2021.
His fame came from buying dozens of Bored Apes at the initial offering price and then making substantial purchases.
At his peak, he reportedly owned about 200 Bored Apes and 100 Mutant Apes.
If calculated at the highest price of Bored Apes at 150 ETH and Mutant Apes at 50 ETH, the Bored Apes and Mutant Apes he owned were once valued at nearly 35,000 ETH.
Whether due to luck or ability, earning such a sum of money in a booming market is quite remarkable.
During that time, I frequently saw news of him buying and selling monkeys appearing in major crypto media, giving me the impression that his monkey holdings were unmatched except for the project team.
Later, I also saw him listing a large number of monkeys on Blur for airdrops.
Subsequently, there were increasingly more reports about him frequently selling monkeys to repay loans or using monkeys as collateral to repay loans, just like this article states:
He recently began to sell monkeys in bulk, mainly because he was long on Ethereum on Hyperliquid and had added significant leverage, but due to the wrong direction, he had to raise money to meet the margin to avoid liquidation.
According to the article's statistics, by March 2026, he had been liquidated over 335 times.
After this bulk sell-off, he probably has very few monkeys left.
The immense wealth earned while riding the wave has been dissipated over these years.
During those years when I saw news of him selling monkeys, I had some questions in my mind:
Adding it all up, the various airdrops from the monkeys have brought him quite a fortune. In a sense, the monkeys are his "noble guests." How does he regard this "noble guest"?
Does he see it merely as a gambling chip or as a serious vehicle for value storage?
When Bored Apes started showing signs of weakness, did he ever consider swapping Bored Apes for more reliable CryptoPunks and locking them in a cold wallet instead of going back and forth like this?
The article mentions a detail:
After being liquidated on June 6, he did not immediately replenish the margin, leading the community to speculate whether this gamble was about to come to an end.
When I saw this detail, I felt that it would not happen; a gambler will never be able to stop.
Sure enough, just two days later, he deposited money again and reopened a long position in ETH.
A gambler will not stop until they truly can’t produce any principal.
Every time a wave comes, many newcomers and stars will emerge, bringing exciting stories and mysterious legends.
But years later, when we look back at those newcomers and stars from back then, how many were able to leave unscathed and transform the paper wealth earned during the boom into real wealth that can be held and sustained?
Perhaps many people, when faced with sudden immense wealth, were simply unprepared to welcome it, unable to bear the "weight" of the wealth itself, and either were crushed by it or unknowingly let it slip away.
In the end, they were merely passersby of wealth, lucky enough to appreciate a beautiful landscape for a moment, only to be harshly thrown out, leaving behind a bittersweet memory.
Reference link:
https://x.com/Foresight_News/status/2071501374207185131?s=20
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