“Machi Big Brother” Liquidated 2,100 Times on Papertrade, Losing $2.22 Million! He Puts Up Bored Apes for a Giveaway
“Machi Big Brother” Huang Licheng has been liquidated more than 2,100 times on perpetuals platform Papertrade, accumulating losses of $2.22 million. Even after deducting rewards issued by the platform, his net losses still amount to around $1.71 million. On November 9, he transferred his remaining funds on Hyperliquid to Papertrade, and later that same week put Bored Ape and Mutant Ape NFTs into a gacha pool he created for users to enter in a draw.
Still Down $1.71 Million After Rewards
An on-chain analytics firm said in a post on November 13 that “Machi Big Brother” had been liquidated more than 2,100 times on Papertrade, with cumulative losses of $2.22 million (approximately NT$73 million).
According to publicly shared screenshots of his account, the address had total historical profit and loss of -$2.22 million. Although he had claimed around $514,000 in platform token rewards, he was still down approximately $1.71 million after deducting them. The account’s cumulative trading volume reached $1.93 billion, around 870 times the amount of its losses. At the time of the screenshot, the account had only about $407 in equity, while the notional value of its open positions was approximately $186,000.
The liquidation records shown in the screenshot were all Ethereum long positions, with individual losses ranging from $73.89 to $2,063.01. A rough estimate based on dividing total losses by 2,100 liquidations puts the average loss at about $1,057 per liquidation (Note: total losses also include regular losing positions that were closed without being liquidated).
That same week, Huang Licheng also posted repeatedly on social media, announcing that he had put his Bored Ape and Mutant Ape NFTs into a gacha prize pool he launched. Users can enter the draw using the associated tokens, and his posts showed that each draw cost between $3 and $8.
From Hyperliquid to Papertrade
Previously, “Machi Big Brother” mainly took large leveraged long positions on Ethereum on decentralized exchange Hyperliquid (according to estimates, he accumulated losses of $37.46 million on the platform over a year and a half). On-chain monitoring showed that he was fully liquidated again during a market downturn on November 9, after which he transferred the mere $16,610 left in his Hyperliquid account to Papertrade to continue trading.
When he transferred the funds on November 9, his cumulative losses on Papertrade stood at $1.62 million (net losses of $1.14 million after deducting $485,000 in rewards). By November 13, his losses on the platform had increased by another approximately $600,000 in just a few days.
Papertrade is a synthetic perpetuals platform deployed on Hyperliquid. It officially launched on October 10, touting leverage of up to 1,000x and serving as the counterparty to all positions itself. The platform has a “loss-to-mine” mechanism: when users realize losses or are liquidated, the system automatically mints platform tokens as compensation rewards. The more users lose, the more tokens they can claim.
“Machi Big Brother” Huang Licheng has been liquidated more than 2,100 times on perpetuals platform Papertrade, accumulating losses of $2.22 million. Even after deducting rewards issued by the platform, his net losses still amount to around $1.71 million. On November 9, he transferred his remaining funds on Hyperliquid to Papertrade, and later that same week put Bored Ape and Mutant Ape NFTs into a gacha pool he created for users to enter in a draw.
Still Down $1.71 Million After Rewards
An on-chain analytics firm said in a post on November 13 that “Machi Big Brother” had been liquidated more than 2,100 times on Papertrade, with cumulative losses of $2.22 million (approximately NT$73 million).
According to publicly shared screenshots of his account, the address had total historical profit and loss of -$2.22 million. Although he had claimed around $514,000 in platform token rewards, he was still down approximately $1.71 million after deducting them. The account’s cumulative trading volume reached $1.93 billion, around 870 times the amount of its losses. At the time of the screenshot, the account had only about $407 in equity, while the notional value of its open positions was approximately $186,000.
The liquidation records shown in the screenshot were all Ethereum long positions, with individual losses ranging from $73.89 to $2,063.01. A rough estimate based on dividing total losses by 2,100 liquidations puts the average loss at about $1,057 per liquidation (Note: total losses also include regular losing positions that were closed without being liquidated).
That same week, Huang Licheng also posted repeatedly on social media, announcing that he had put his Bored Ape and Mutant Ape NFTs into a gacha prize pool he launched. Users can enter the draw using the associated tokens, and his posts showed that each draw cost between $3 and $8.
From Hyperliquid to Papertrade
Previously, “Machi Big Brother” mainly took large leveraged long positions on Ethereum on decentralized exchange Hyperliquid (according to estimates, he accumulated losses of $37.46 million on the platform over a year and a half). On-chain monitoring showed that he was fully liquidated again during a market downturn on November 9, after which he transferred the mere $16,610 left in his Hyperliquid account to Papertrade to continue trading.
When he transferred the funds on November 9, his cumulative losses on Papertrade stood at $1.62 million (net losses of $1.14 million after deducting $485,000 in rewards). By November 13, his losses on the platform had increased by another approximately $600,000 in just a few days.
Papertrade is a synthetic perpetuals platform deployed on Hyperliquid. It officially launched on October 10, touting leverage of up to 1,000x and serving as the counterparty to all positions itself. The platform has a “loss-to-mine” mechanism: when users realize losses or are liquidated, the system automatically mints platform tokens as compensation rewards. The more users lose, the more tokens they can claim.