Brother Ma Ji has just invested another 300,000 USDT! Using 25x leverage to hold onto ETH, with a total loss of $31.29 million—this is the most expensive lesson in the crypto world, bar none.

On-chain monitoring shows that on April 2, Huang Licheng transferred another 300,000 USDC into his contract account, continuing to hold his ETH long position. As of now, his total ETH contract loss has reached $31.29 million, breaking his personal record for largest loss.
This is not just a mistake; it’s a tragedy swallowed by greed, obsession, and high leverage.
1. Liquidation → Replenishment → Liquidation again, an unstoppable death cycle
Always 25x leverage, ETH reverses 4% and you get liquidated
Never cut losses, only add positions to average down
Over 250 liquidations in total, losing more and more
2. Money can't fill the bottomless pit of high leverage
He once had a floating profit of $44 million, now he’s down $31.29 million. With 25x leverage, even a substantial fortune can’t withstand a severe retracement.
3. Human weaknesses amplified infinitely in crypto circles
Gambler’s fallacy, sunk costs, refusal to admit mistakes, emotional outbursts—he fell for all of them.
A few final words of advice, for myself and for you:
👉 Respect leverage; it’s not a printing press, it’s a money shredder
👉 Strict stop-loss; holding positions doesn’t create miracles, only liquidations
👉 Control your position size; always leave yourself an exit
👉 Break free from obsession; markets are driven by different emotional biases
Brother Ma Ji is still going all-in, but you don’t have to follow to your demise.
Protect your principal, stay alive—that’s the biggest victory in the crypto world. $BTC $ETH $ETH