BlockBeats News, April 9th, according to Coinglass and Hyperinsight Monitoring, FARTCOIN has been gradually launched since April 6th. In the early morning today, it experienced a short-term surge of over 27%, with a cumulative increase of 57% in the past three days, reaching a high of $0.252.
However, at 7:00 a.m. today, the price plummeted by over 20% within 5 minutes, followed by a continuous decline, with a total drop of over 26%, falling to below $0.18, erasing most of the recent gains.
According to on-chain monitoring, the address conducting this manipulation highly matches the team that caused a flash crash of 40% after a rapid surge of XPL earlier, with both pointing to the addresses (0xBc1D) and (0x3dB). The previous flash crash occurred on the morning of April 3rd, and shortly after that, this team started to manipulate FARTCOIN.
Their modus operandi was very similar to that on the XPL day: before the price surge, they deposited funds into Hyperliquid from multiple addresses to open high-leverage token long positions. After accumulating substantial unrealized gains, they withdrew all the margin, bringing the liquidation price close to the edge of bankruptcy. Then, they appeared to coordinate with other platforms to dump their spot holdings at the same time, causing a synchronized crash in both spot and contract prices.
Specific information is as follows:
At exactly 7:00 a.m., the manipulators simultaneously withdrew funds from six major addresses to the same liquidation price point near $0.22, causing mass liquidations totaling $22.83 million, triggering a flash crash. Whales and manipulation addresses (holding over a million dollars) who chased the price during this surge collectively got liquidated for $38.88 million.
After the flash crash, addresses 0x5e1 and 0x71c once again opened highly leveraged long positions within about 1 hour, setting extremely tight liquidation prices. They have now been liquidated in full again at 7:52 a.m., causing a further price drop. The fund sources for these addresses can all be traced back to the address 0xBc1D.
Fund Source Addresses:
0xBc1D9760bd6ca468CA9fB5Ff2CFbEAC35d86c973
0x3dBE077e7986657E95e1CC50089f17a5a4AF0AaE
