Brother Ma Ji gets liquidated again: ETH leveraged trading loses $74 million over six months, account nearly wiped out

March 2 News, on-chain data platform Arkham disclosed that the well-known crypto whale Machi Big Brother has incurred a total loss of approximately $74 million in Ethereum leveraged trading over the past six months. Data shows that this trader frequently faced forced liquidations while continuously increasing long positions on Ethereum. Currently, their trading account holds only about $8,500 to $10,000, with funds nearly wiped out.

According to records, Machi Big Brother began building large-scale ETH long positions in September 2025, when Ethereum was near $4,700, amid a strong bullish market. However, the market quickly reversed, and ETH continued to weaken from late 2025 into early 2026, dropping below $2,000 and putting immense pressure on high-leverage longs. Statistics indicate that since the market sharply corrected last October, this account has triggered approximately 145 forced liquidations, continuously consuming margin and increasing losses.

On-chain fund records also show that to maintain positions, the related wallet repeatedly injected funds into the trading account. Recently, about $245,000 worth of USD Coin was transferred into the account, suspected to be used for margin replenishment and attempts to stabilize the position. However, in the context of ongoing market decline, these funds did not alter the overall trend, and positions continued to be forcibly liquidated passively.

Market analysts point out that this significant loss is closely related to high leverage strategies. Data shows Machi used up to approximately 25x leverage in ETH trading. While such leverage can amplify gains, it also rapidly increases risk in highly volatile environments. When ETH price dipped near $1,900, the account experienced an unrealized loss of about 155 ETH, significantly increasing margin pressure.

Notably, Machi Big Brother previously accumulated substantial wealth through early investments in Bored Ape Yacht Club and became a well-known investor in the crypto space during the NFT boom. However, this round of high-leverage trading has become a typical case discussed in the market. Several analysts believe this incident serves as a reminder that, in highly volatile crypto markets, leverage trading can generate enormous profits but also potentially wipe out hundreds of millions of dollars in assets within a short period.