Pure KOLs (content creators, trading sharers, community operators) in the crypto space and exchange founders are not the same kind of people. They accumulate influence through sharing views, showcasing portfolios, building groups, and promoting projects, which is a shorter, more transparent path and can be more easily verified by on-chain data and time. Mahji Brother (Huang Licheng) is the most typical among them, followed by early figures like Li Xiaolai and Bao Erye, who also started with content and community. Breaking down their paths can directly tell newcomers what to learn and what to avoid, more than just looking at exchange stories.
The current market sees BTC around $84,000, retracting about one-third from last year's peak, and ETH around $2,500. The influence of KOLs is often amplified in bull markets and shrinks in bear markets, which is data in itself.
1】Who is Mahji Brother: From Artist to Success Chaser
Huang Licheng was born in Taiwan in 1972 and moved to the United States with his family at the age of two. He did not continue his education after high school, forming L.A. Boyz with his brother Huang Lihang and others, releasing multiple albums in Asia during the 1990s. In 2003, he reorganized the hip-hop group Machi and established a record company, later shifting towards technology, founding 17 Media (17LIVE) around 2015, which focused on real-time video social networking and achieved significant market share in Japan and other places. His valuation was seen at a high level by institutions before he withdrew from management prior to the IPO.
During the 2017 ICO boom, he told shareholders he wanted to pursue it, but the shareholders called it a scam, so he created Mithril (MITH), focusing on social mining, raising around 60,000 ETH in a private sale (about $51.6 million at the time). After launching, the team sold a large amount of circulating tokens, causing the price to crash by over 99%, and the token was later delisted by multiple exchanges. During the DeFi Summer of 2020, he launched Cream Finance (a Compound fork supporting more long-tail assets), which peaked above $1 billion in TVL, but suffered multiple hacker attacks, with total losses exceeding $100 million, eventually handing control over to Yearn’s Andre Cronje. Following this, he turned to NFTs, becoming one of the early major holders of blue-chip collections like BAYC, and in 2023, during a Blur event, he sold 1,010 NFTs at once, realizing a profit of about 11,680 ETH (approximately $18.6 million at the time). Later on, on high-leverage contracts like Hyperliquid, there were cases where his account went from floating gains of tens of millions of dollars to near zero, which were publicly tracked.
ZachXBT previously accused him of fund misallocation issues (about 22,000 ETH) in projects like Formosa Financial, which he publicly denied and considered suing over. These controversies have not seen a final judicial conclusion, but project failures and extreme volatility are public facts.
2】Three Key Takeaways for Newcomers from His Path
First, sensitivity to market trends. He has been at the forefront of almost every cycle: ICO social mining, DeFi lending, blue-chip NFTs, and later contracts. Sensitivity itself is not wrong; the key is the position size. Newcomers can learn "start with small positions for trial and error, validate before adding," rather than going all-in at the first narrative.
Second, fast transition speed. From music to live-streaming platforms, from live-streaming to on-chain projects, he can quickly shift existing traffic and resources to new directions. However, transition does not equal success; MITH and Cream both proved that "being too early and not having clear details" can lead to a direct collapse. What newcomers should learn is: before entering a new field, ask "Where does the profit come from? What is the exit mechanism? In the worst-case scenario, how much is left in the account?"
Third, public data is traceable. On-chain addresses, NFT holdings, and contract positions can all be monitored. While many followed the trend when he publicly showcased his holdings, records showed that his account rapidly shrank from peak levels around $60 million during liquidation. Newcomers should treat "the floating profits flaunted by others" as a contrary indicator rather than a signal to follow.
3】Pitfalls to Avoid: High Leverage, Project Narratives, and "Big Brother" Effect
High leverage is the most direct pitfall. Public records show that he used 25x leverage to long ETH and other assets on Hyperliquid, with his account reportedly turning from hundreds of thousands of dollars to tens of millions in floating profits within a short period, and then rapidly liquidating during a significant volatility event, reducing both principal and profit to nearly zero. The math is simple: under 25x leverage, a 4% adverse price movement can trigger a forced liquidation. Daily fluctuations of 5%-10% in BTC and ETH are not uncommon, and if newcomers mimic this, the survival rate of their accounts is extremely low.
Project narratives represent the second pitfall. The post-private sale team sell-off of MITH led to its collapse, and Cream faced repeated attacks, with labels like "early rug pull" frequently appearing. Although ZachXBT's investigation was denied by him, the model where "founders walk away unscathed while retail investors bear the losses after project failures" is not uncommon in the crypto space. When newcomers encounter terms like "social mining," "the next Compound," or "blue-chip NFTs," they should first ask: What is the team's unlocking plan? Are the TVL and revenues real? Is there independent auditing and verifiable fund flows?
The "Big Brother" effect is the third pitfall. When celebrities publicly take large positions or sell, prices can be driven in the short term (there are cases where BAYC dropped over 8% in a single day due to his sell-off). However, those who follow the trend often buy at high points and sell at low points. Data shows that the drop from the 2021-2022 peaks for blue-chip NFTs typically exceeds 70%-90%, with accounts heavily following the trend suffering far greater declines than the celebrities themselves.
4】Where Other Crypto Celebrities Are Now and Corresponding Learning Points
Li Xiaolai bought a large amount of BTC at an average price of around $6 around 2011 and later expanded his influence through content, community, and funds. He has publicly emphasized "becoming an internet celebrity first, then monetizing," which has led to controversies such as the recording scandal and public discussions about fund payment delays. Bao Erye (Guo Hongcai) started buying BTC in large quantities around $70 in 2013 and built a significant scale through community efforts, initially accumulating followers by "preaching."
What can be learned: Early heavy investment in core assets (BTC) and holding them long-term, publicly sharing personal judgments through content, creating feedback. What must be avoided: directly monetizing personal influence into "follow my buy" or closed funds. Public data shows that such paths peaked around 2017-2018, and many followers suffered significant declines in altcoins and projects thereafter. Comparing data: most ICO projects in 2017 approached zero, and those who heavily invested in BTC early had a significantly higher survival rate than those who focused on altcoins.
5】Common Rise and Fall Patterns of Other Pure KOLs
In the Chinese-speaking community, there are numerous trading sharers, airdrops, DeFi, and meme KOLs. They typically experience rapid follower growth during bull markets, earning income through sharing trades, promoting projects, and building paid groups; after bear markets, their update frequency drops, with some accounts becoming dormant for over a year. Public observations show that KOL accounts exploded in growth around 2021, followed by a significant contraction in 2022-2023, making it nearly impossible for new KOLs to break through during bear markets. Some people start by following smart money on-chain or using airdrop strategies, but there are repeated cases of accounts experiencing severe declines after high leverage or heavy investment in single narratives.
What can be learned: Continuously output verifiable observations (on-chain data, position logic, risk warnings), rather than just showcasing profit screenshots. What must be avoided: "must rise" signals and following trades from paid groups. The floating profits flaunted by KOLs are often selectively displayed, while liquidations and declines are rarely highlighted equally. Statistically, accounts that follow a single KOL's calls tend to experience a decline during fluctuations that greatly exceeds the core positions the KOL publicly discloses.
6】Three Executable Disciplines Summarized from These Paths
First, treat KOLs as information sources, not signal sources. Look at their publicly shared position ratios, stop-loss logic, and historical drawdown records, rather than directly copying buy and sell points. On-chain addresses and public records are the best filters.
Second, strictly control follow-up positions. For any project or contract recommended by a KOL, first use 1%-5% of total funds for trial and error. Exclude high leverage or limit it to below 2x. Single transaction risks should not exceed 1%-2% of the account.
Third, use time to test rather than popularity. If a KOL only showcases profits without discussing drawdowns and exit conditions for more than three consecutive months, the risk rises. Those who heavily invested in BTC early and publicly explained their holding logic are generally more stable than those frequently switching altcoins and leverage. Data shows that the paths of buying and holding BTC from 2011-2014 yield long-term returns far exceeding subsequent cycles of project hype.
7】Checklist for Newcomers
● When following KOLs, first check their publicly disclosed holdings and drawdown records from the past two market cycles instead of just their follower counts.
● Always ask for any recommendations: Where does the profit come from? What is the exit mechanism? In the worst-case scenario, how much is left in the account?
● Treat paid communities or trading signals as references, set your own positions, and do not blindly follow trades.
● Keep core positions (BTC, etc.) and aggressive positions recorded separately, and periodically reduce the aggressive positions.
● Reassess information sources quarterly: Which KOLs are still continuously producing verifiable content, and which have devolved into just marketing?
The paths of pure KOLs prove that sensitivity, content, and public records can bring early opportunities, but without positional discipline and independent verification, accounts will similarly face significant drawdowns during volatility. Turning their trial and error into your own rules is more important than following any single call. Trends will change, leverage will amplify mistakes, but verifiable records and position management are the elements that can be executed long-term.
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