TechFlow news, on November 14, crypto analyst Specter posted on X stating that on-chain investigations suggest BTX Capital and its founder VanessaCao are suspected of involvement in price manipulation of multiple tokens on Hyperliquid.
Specter said the operations involved tokens such as POPCAT and TST, allegedly profiting by leveraging substantial capital advantages. On November 12, attackers placed a buy wall of approximately $25 million for POPCAT at around $0.21, creating a false impression of strong demand through more than 26 wallets before canceling orders, triggering massive liquidations. The attackers lost about $4 million in collateral, while HLP suffered losses of approximately $4.9 million. He suggested the attackers could afford such significant losses possibly due to short positions on centralized platforms.
Specter added that on-chain fund flows further point to BTX Capital, with wallets involved in TST manipulation, Bybit deposit wallets, and multisig addresses directly linked to BTX Capital's official wallet and VanessaCao's public wallet vanessacao.eth, indicating their capability to mobilize large funds for price manipulation.
In addition, Specter noted that BTX Capital may have also manipulated other recently volatile tokens such as ZEREBRO, JELLYJELLY, and HIFI.
