Last night, the crypto world once again witnessed the terror of leverage.

In just a few hours, Brother Ma Jie’s account was "hit" from $1.3 million down to just over $50,000—more than 96% wiped out.
This is not his first time experiencing a liquidation. In October last year, he went through an even more brutal one: a $79 million ETH long position was forcibly closed, with profit and loss reversing by over $54 million.
But after every massive liquidation, he always deposits hundreds of thousands of dollars within a few days, reopens positions, and continues to go long with high leverage.
Everyone is asking: After losing so much, how does he still have money?
The answer lies in three "ammunition reserves."
The first layer is the money from early stock sales.
The 17 Live company he founded successfully went public, and the cash from divestment became his initial "safety cushion." This money has nothing to do with the crypto circle, but it is the confidence behind his daring bets in the derivatives market.
The second layer is the accumulation from early token issuance.
Although some of his early projects ended in failure, during the bull market, issuing tokens alone could generate huge liquidity. Regardless of what happened later, the startup capital was already in his pocket.
The third layer is high-frequency NFT monetization.
He is a major holder of top NFTs like BAYC, but he never just "HODLs." He excels at selling in bulk at market peaks, collateralized loans, and airdrops, constantly turning images into ETH and stablecoins that are ready to use, continuously "feeding" his trading accounts.
Simply put, behind him is a perpetual capital machine: tech exits for cash → early token issuance for startup funds → NFT rolling monetization → recharging after liquidation, and recently, he even launched a new token project, preparing to start a new round of "liquidity extraction."
So, he can afford to lose because it’s not luck, but because he built a money-printing pipeline outside the game table long ago.
And all of this is recorded on the public blockchain. What you see are his accounts being liquidated time and again; what you don’t see is the capital game of him replenishing positions with diversified funds over and over.
Leverage is an amplifier—it amplifies not only gains but also your true capital level.
His story serves as a warning to everyone:
In this transparent yet brutal market, some play high-risk games with a continuous stream of "external reserves," while an ordinary person taking a single high-leverage position might be on a one-way ticket.
Always remember:
Before becoming a hunter, make sure you are not someone else’s liquidity.
Surviving is more important than anything. #非农数据超预期 #市场触底了吗？