Ethereum Leveraged Long Takes a Hit: Maji Account Nears $30 Million Loss

According to data monitored by Onchain Lens, a trader using the ID “Maji” (also known as “Maggie”) holding a leveraged long position in Ethereum (ETH) on the Hyperliquid exchange experienced partial forced liquidation during a market downturn. The position, using leverage as high as 25x, saw cumulative losses nearing $30 million, just about $30,000 shy. This incident, centered on ETH perpetual contract trading on the Hyperliquid platform, has once again raised market concerns about the risks of concentrated leverage.

Previously, in January 2026, media reports linked the ID to a trader named Huang Licheng (nicknamed “Machi Big Brother”), at which time his ETH long position had accumulated losses exceeding $25 million. This event is seen as a continuation of a similar pattern, highlighting the vulnerability of high-leverage trading in volatile markets.

In derivatives trading, the partial liquidation mechanism is activated when margin levels approach the maintenance margin, with the aim of preventing the account from being completely liquidated while preserving part of the position. However, 25x leverage significantly compresses the safety buffer, making even small price fluctuations capable of triggering large-scale liquidations. As early as March of this year, MEXC News reported a similar incident: a long position involving 1212 ETH was forcibly liquidated, leaving only a very small amount of contract balance, indicating that such concentrated leverage behavior is not an isolated case. It is worth noting that the statement “just $30,000 away from $30 million” is not from official confirmation by the exchange or the trader, but is based on estimates from a third-party on-chain monitoring dashboard. Due to dynamic changes in factors such as price fluctuations, funding rates, and transaction fees, this value may adjust over time. Reports from media outlets such as GateNews and PANews also clearly point out that the relevant information relies on external monitoring tools and has not been directly verified by Hyperliquid or related parties. Despite the lack of authoritative confirmation, this series of events serves as a warning to the market: in the derivatives market where high leverage is prevalent, the concentrated holdings of a few large accounts can significantly disrupt prices and exacerbate systemic risks. Investors should fully assess their own risk tolerance when participating in leveraged trading and avoid blindly following the crowd.