Taiwanese Music Celebrity Jeffrey Huang Faces $9 Million Loss

Taiwanese music celebrity and digital asset investor Jeffrey Huang, also known as “Machi Big Brother,” is facing a nearly $9 million floating loss on his Hyperliquid account.

Account “0x020c,” linked to Huang, who is also a noted collector of Bored Ape Yacht Club NFTs, is nearing a floating loss of $9 million on the decentralized exchange (DEX) Hyperliquid.

Huang saw a profit of approximately $44 million just 13 days ago but is now looking at an unrealized loss of $8.7 million on a 5x leveraged long position in the Plasma (XPL) token. This position has a liquidation threshold of $0.5366, according to blockchain data from Hyperdash.

Despite the significant downturn, Huang has maintained his position, which has already incurred over $115,000 in funding fees. He is also managing a 15x leveraged Ether (ETH) long worth $1.2 million in funding costs, currently sitting at around $534,000 in unrealized profit, with liquidation set at $3,836.

Financial Standing

The floating loss is substantial for Huang, especially considering his account had previously shown $44 million in profit just 13 days prior, as per data from the OnChain Lens platform.

Notably, Huang’s account is still profitable overall, boasting a total combined profit and loss (PnL) exceeding $11.6 million.

Recent Trading Activity

This comes shortly after Huang exited a $25 million Hyperliquid position at a $4.45 million loss on September 29, following warnings from BitMEX co-founder Arthur Hayes’ family office about the impending unlocks of the HYPE token, scheduled for November 29.

Whale Interest in XPL Token Recovery

Other large investors are also showing confidence in the price recovery of the Plasma token. Whale wallets have increased their XPL holdings by more than $1.16 million in the past week across 226 wallets, with $3.83 million worth of XPL tokens exiting exchanges simultaneously, according to Nansen.

One whale wallet, “0xd80D,” recently purchased $31 million in XPL tokens on Hyperliquid, bringing its total holdings to over $40.2 million, as reported by blockchain analytics platform Lookonchain.

However, the upcoming vesting schedule on October 25 will unlock $90 million worth of XPL tokens, raising concerns about increased selling pressure during this third-largest token unlock by value this month, according to CryptoRank data.

Source: Lookonchain