Jeffrey Huang, also known as "Machi Big Brother," a Taiwanese music celebrity and prominent digital asset investor, is currently facing a significant downturn in his cryptocurrency investments on the decentralized exchange (DEX) Hyperliquid.

Huang's account, identified as "0x020c," which is also associated with his collection of Bored Ape Yacht Club NFTs, has seen its profit plummet from $44 million to a nearly $9 million unrealized loss within a short span of 13 days. This loss stems primarily from a 5x leveraged long position on the Plasma (XPL) token, a bet on the token's price appreciation. According to blockchain data from Hyperdash, the position's liquidation threshold is set at $0.5366. Despite the steep decline and over $115,000 in funding fees, Huang has maintained the trade.

In addition to the XPL position, Huang is also running a 15x leveraged long position on Ether (ETH) worth $1.2 million in funding costs, which currently sits at about $534,000 in unrealized profit, with liquidation set at $3,836.

OnChain Lens, a blockchain data platform, highlighted the severity of the situation in a post on X, noting the "massive hit" Huang's account has taken, contrasting it with the $44 million profit it held just weeks prior. Despite these losses, Huang's account remains profitable overall, with a total combined profit and loss (PnL) of over $11.6 million.

This development follows Huang's exit from a $25 million Hyperliquid position on September 29, incurring a $4.45 million loss. This earlier exit was influenced by a warning from BitMEX co-founder Arthur Hayes' family office fund, Maelstrom, regarding upcoming HYPE token unlocks scheduled for November 29. These unlocks will mark the end of the 24-month vesting schedule and present the "first true test" for the token.

Despite the current losses, Huang and other large investors are reportedly betting on the price of the XPL token recovering.