Brother Ma Ji gets liquidated again! Lost 200,000 U over two nights, "Lost a total of 1.32 million USD this week," and still not giving up, opens a 25x ETH long position again

Taiwan’s “Liquidation King” Machi Brother Huang Licheng’s 25x leveraged Ethereum long position has been fully liquidated again, with total losses soaring to approximately $29 million. The on-chain liquidation record has exceeded 250 times, making him the most persistent high-leverage player in the crypto circle.
(Previous summary: Machi Brother lost everything! His 25x Ethereum long position was completely wiped out “in seconds,” with accumulated losses reaching $25.88 million)
(Background supplement: Machi Brother Uncle’s zeroing history: from successful entrepreneurship to high-leverage naked gambling “recovery”)

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• The liquidation perpetual motion machine reactivates
• ETH drops below $1,900, the fate of 25x leverage
• Once floated at $44.84 million, now fully retraced and in the red

According to on-chain monitoring data from Onchain Lens, “Machi Brother” Huang Licheng’s 25x leveraged Ethereum (ETH) long position on the decentralized derivatives platform Hyperliquid has been completely liquidated by the system, with the address incurring a total loss of about $29 million. Hyperbot data further shows that early this morning (24th), a liquidation record of $132,374 was recorded.

After the account was emptied, he started adding to his ETH 25x long position again around 10 a.m. Interestingly, after his position was cleared yesterday, he continued to increase his holdings, eventually adding up to a maximum of 3,525 ETH. Unfortunately, he was fully liquidated again at 4 a.m. and 10 a.m. today, with a total loss of $1.32 million this week.

No One Literary No One but Machi @machibigbrother got completely liquidated on his $ETH (25x) long position and overall he is now losing ~29M. https://t.co/g1yQzBPSb2 pic.twitter.com/KPBSj85TnB
— Onchain Lens (@OnchainLens) February 24, 2026

The liquidation perpetual motion machine reactivates

Looking back at Machi Brother’s on-chain operation history, this is nothing new. Since 2025, Huang Licheng has experienced over 250 liquidations on Hyperliquid, making him the most well-known “liquidation frequent flyer” in the decentralized derivatives market.

Just at the end of January this year, his 25x ETH long position was recently cleared, with a total loss of $25.88 million. Less than a month later, this number jumped to $29 million, with over $3 million evaporating again recently.

ETH drops below $1,900, the fate of 25x leverage

Ethereum’s price today fell below $1,900, around $1,862, a 4% drop in 24 hours. With 25x leverage, a 4% adverse move in the underlying asset is enough to trigger forced liquidation—today’s ETH decline just hit this “life or death” line.

Machi Brother’s most remarkable trait in the community is his “never surrender” spirit—every time he gets liquidated, he almost instantly opens a new position, continuing to long ETH with 25x leverage. The community jokes that this is an endless cycle of “liquidation → adding to the position → liquidation again,” and some even call him the “best customer” of Hyperliquid.

Once floated at $44.84 million, now fully retraced and in the red

It’s worth noting that last September, Machi Brother once had an unrealized profit of up to $44.84 million thanks to aggressive high-leverage strategies, making him one of the most watched contract whales on-chain. However, with multiple market crashes, not only did all his paper profits vanish, but he also incurred a loss of $29 million.

At this rate, the community has started speculating: “The new achievement of losing $30 million might be unlocked very soon.” And what’s even more curious—how much more can he afford to lose?