Recently, the cryptocurrency market has become increasingly volatile. On-chain investigator ZachXBT accused the Bitcoin bridge service Garden Finance of assisting Bybit hackers in money laundering, claiming that over 80% of the platform's transaction fees come from illegal transactions by the North Korean Lazarus group. Meanwhile, a whale activity in Fartcoin triggered a $6 million liquidation, causing market sentiment to deteriorate. This article will delve into the details of these two events and their impact on the market.
Garden Finance Accused of Assisting Bybit Hackers in Money Laundering
On-chain investigator ZachXBT made serious allegations against the Bitcoin bridge service Garden Finance, claiming it facilitated money laundering for hackers involved in major cryptocurrency theft cases, including the Bybit invasion. Reportedly, over 80% of the platform's recent transaction fees come from illegal transactions related to the North Korean Lazarus group.
Garden Finance founder Jaz Gulati strongly denied these accusations, calling them false information. Despite the controversy, Dune analytics data shows that the platform has facilitated 40,571 atomic swaps, totaling 24,984 BTC (worth $1.5 billion), and generated 40.11 BTC in fees.
Fartcoin Whale Activity Triggers $6 Million Liquidation, Market Sentiment Worsens
A wallet associated with 'wiftardio.sol' withdrew $2 million USDC from Bybit and quickly purchased 2.125 million FARTCOIN at $0.94, subsequently triggering a series of long position liquidations. This occurred on June 20th, with $5.99 million in long positions liquidated, significantly higher than the $921,000 in short positions.
Fartcoin dropped 9.49% to $0.9359 within 24 hours, indicating that the whale's purchase might be for exiting liquidity rather than a bullish signal. On June 21st, spot outflows reached $79,300, continuing the negative liquidity trend of the past week. Additionally, open interest decreased by 9.74% to $557.44 million, further reinforcing selling pressure.
Failing to maintain the $1.00 resistance level and declining trading participation formed a bearish technical landscape. The market structure now shows distribution rather than accumulation, with exchange outflows and liquidations creating a negative feedback loop.
