$31.29 million, an amount that ordinary people would never be able to save in three lifetimes. Brother Ma Ji, Huang Licheng, lost it all in less than a year, and in the process, he went from being a "big shot in the crypto circle" to a "crypto circle philanthropist."

This time, he added another $300,000 USDC to HyperLiquid, opening a 25x leverage to go long on ETH. He lost over $30 million, but the leverage remained unchanged, the position direction stayed the same, and he even continued to add to his position — this is no longer stubbornness; it’s performance art: a live demonstration of what "sunk cost fallacy" really means.
What does 25x leverage mean? A 4% move in ETH can wipe out the position. Every time he deposits and increases his position, the community starts saying, "Brother’s back again" — he’s losing real money, while you’re gaining real traffic. It’s a win-win.
So the question is: how much does someone have to lose to admit they’ve made a mistake in market judgment? Huang Licheng gave the answer: at least $31.29 million. And it seems he’s still writing this answer.