FARTCOIN surged and then instantly dropped by 26%: Over 38.88 million in on-chain long positions of major whales were liquidated, suspected to be orchestrated by the same team responsible for the XPL flash crash.

BlockBeats news, April 9, according to monitoring by Coinglass and Hyperinsight, FARTCOIN gradually started moving since April 6. In the early hours today, it briefly surged more than 27%, with a cumulative increase of 57% over the past three days, reaching a high of $0.252.

However, at 7:00 today, the price suddenly plunged over 20% within 5 minutes, then continued to fall successively. The total drop exceeded 26%, with a low below $0.18, wiping out most of the recent gains.

On-chain monitoring shows that the trading addresses involved in this operation closely match the team behind the previous 40% XPL flash crash, both pointing to addresses (0xBc1D) and (0x3dB). The last flash crash occurred in the morning of April 3, not long before the team started accumulating FARTCOIN.

Their trading tactics on XPL that day were identical: before the price move, multiple addresses deposited funds into Hyperliquid to open high-leverage long positions; after accumulating substantial unrealized profits, they withdrew all the collateral, bringing the liquidation lines dangerously close to forced liquidation; then, suspectedly in coordination with selling spot positions on other platforms, they crashed the market, triggering simultaneous drops in both spot and perpetual contract prices.

Details are as follows:

At exactly 7:00, the operators simultaneously withdrew margin from six major addresses to the same liquidation price, triggering concentrated liquidations near $0.22. Each batch of liquidations reached $22.83 million, directly causing the flash crash. During this rally, whales and operator addresses (with positions over $1 million) who chased the price up suffered a total liquidation of $38.88 million.

After the flash crash, addresses 0x5e1 and 0x71c opened high-leverage long positions again within about one hour, setting extremely tight liquidation lines. By 7:52, all of these positions had also been liquidated, pushing the price even lower. The sources of funds for these addresses can all be traced back to the 0xBc1D address.

Source of funds addresses:

0xBc1D9760bd6ca468CA9fB5Ff2CFbEAC35d86c973

0x3dBE077e7986657E95e1CC50089f17a5a4AF0AaE