Bybit Whale Activity Triggers $6M Liquidation as Fartcoin Plunges 9.5%

A significant whale transaction involving Fartcoin (FARTCOIN) on Bybit preceded a sharp market downturn, resulting in $6 million in long liquidations. On June 20, a wallet associated with 'wiftardio.sol' withdrew $2 million in USDC from Bybit and purchased 2.125 million FARTCOIN at $0.94, just before the token's price dropped 9.49% to $0.9359. The timing suggests the whale may have provided exit liquidity, exacerbating the sell-off. Long positions worth $5.99 million were liquidated, far outweighing short liquidations of $921K. This event highlights the volatility and risks in crypto markets, particularly with large whale movements influencing price action.

Fartcoin Whale Activity Precedes $6M Liquidation as Market Sentiment Sours

A wallet linked to 'wiftardio.sol' withdrew $2 million in USDC from Bybit, swiftly purchasing 2.125 million FARTCOIN (FARTCOIN) at $0.94 just before a cascade of long liquidations. The move coincided with $5.99 million in long positions being wiped out on June 20, dwarfing short liquidations of $921K.

FARTCOIN's 9.49% drop to $0.9359 within 24 hours suggests the whale's buy may have served as exit liquidity rather than a bullish signal. Spot outflows of $79.3K on June 21 continue a weeklong trend of negative flows, reinforcing sell-side pressure as Open Interest plunges 9.74% to $557.44 million.

The failed defense of the $1.00 resistance level and evaporating trader participation paint a bearish technical picture. Market structure now shows hallmarks of distribution rather than accumulation, with exchange outflows and liquidations forming a negative feedback loop.

Lazarus Group Allegedly Laundered Crypto Through Garden Finance, Says ZachXBT

Blockchain investigator ZachXBT has accused Garden Finance, a Bitcoin-native DeFi protocol, of laundering cryptocurrency tied to hacks by North Korea's Lazarus Group. The allegations specifically mention funds from the Bybit and WazirX breaches.

ZachXBT claims over 80% of Garden Finance's revenue stems from laundering these illicit funds. The protocol's co-founder, Jaz Gulati, previously highlighted its growth, citing 38.86 BTC in total fees and $300,000 earned in 12 days. Gulati countered that 30 BTC in fees predated the Bybit hack.

The accusations raise questions about Garden Finance's self-described role as "the fastest Bitcoin bridge." The case underscores ongoing challenges in tracking and preventing crypto laundering, particularly with state-sponsored actors like Lazarus Group.