Jeffrey Huang loses $223,000 in liquidation as Hyperliquid losses reach $37.4m
The high-stakes trader known as Machi Big Brother lost the proceeds from an NFT fire sale within days of selling his collection at a loss.
Key takeaways
- 1Jeffrey Huang lost $223,000 in a liquidation on 6 November.
- 2The trader has lost a total of $37.4m on the Hyperliquid exchange.
- 3Huang sold 15 NFTs at a $505,000 loss to fund his latest trades.
- 4His losses on the papertrade_xyz platform have reached $909,000.
Jeffrey Huang, the crypto trader known as Machi Big Brother, lost $223,000 in a fresh liquidation on 6 November. Lookonchain, the on-chain analytics service that tracked his wallets, reported that the funds were wiped out quickly. Huang had raised the money by selling 15 non-fungible tokens. This sale resulted in a $505,000 loss over the previous four days.
The liquidation adds to a mounting series of losses for Huang across decentralised trading platforms. According to Lookonchain, the trader is currently down $909,000 on the papertrade_xyz platform. His largest deficit is on the exchange Hyperliquid, where his total losses have reached $37.4m. Huang has a history of high-volume trading and often takes large positions using borrowed funds.
Hyperliquid is a decentralised perpetual exchange with a native token called HYPE. YourKhabri data shows the token had an 8.3 percent fall to 77.3 in the 24 hours leading up to the liquidation. The platform has a market value of $18.5bn. Huang became a prominent figure in the NFT market during the 2021 boom and remains an active individual trader.
The scale of these losses shows the risks of trading with high debt during periods of price volatility. Traders will watch to see if Huang sells more of his remaining NFT holdings to cover his margins. The liquidation follows a decline in the value of the HYPE token. It currently ranks as the 11th largest cryptocurrency by market value.
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.