BTX Capital accused of manipulating the prices of multiple Hyperliquid tokens

According to Odaily Planet Daily, crypto analyst Specter published an article on X stating that on-chain investigations show BTX Capital and its founder Vanessa Cao are suspected of involvement in price manipulation of multiple tokens on Hyperliquid.

Specter claims the operations involved tokens such as POPCAT and TST, and appear to have exploited a large financial advantage for profit. On November 12th, the attackers placed a buy order wall of approximately $25 million on POPCAT at around $0.21, creating a false impression of strong demand through more than 26 wallets before cancelling the orders, leading to massive liquidations. The attackers lost approximately $4 million in collateral, and HLP lost approximately $4.9 million. He believes the attackers' ability to withstand such large losses may be related to shorting the token on a centralized platform.

Specter stated that the on-chain fund flows further point to BTX Capital, and the wallets involved in TST manipulation, the Bybit deposit wallet, and the multisignature address are all directly related to BTX Capital's official wallet and VanessaCao's public wallet vanessacao.eth, indicating that it has the ability to mobilize large amounts of funds to manipulate prices.

In addition, Specter pointed out that BTX Capital may have also manipulated tokens such as ZEREBRO, JELLYJELLY, and HIFI that have recently experienced abnormal fluctuations, and suspects that similar methods may have been used on ZEC.