BTX Capital Accused of "Malicious Manipulation" of Multiple Token Prices on Hyperliquid

On November 14th, Crypto analyst Specter stated in a post that through on-chain investigations, it is indicated that BTX Capital and its founder Vanessa Cao might have been involved in the price manipulation of multiple tokens on Hyperliquid, including POPCAT, TST, etc. They also profited from this manipulation by leveraging a significant fund advantage. On November 12th, an attacker placed a buy wall worth around $25 million at a price of approximately $0.21 for POPCAT. By using more than 26 wallets, they created a strong illusion of demand and then withdrew the orders, resulting in a significant liquidation event. The attacker self-liquidated $4 million in collateral, causing a $4.9 million loss for HLP. Specter believes that the attacker was able to withstand such a large loss possibly because they had shorted the token on a centralized exchange. Further on-chain fund flows indicate that it is related to BTX Capital. The wallets involved in the TST manipulation, Bybit deposit wallets, and multi-signature addresses are directly linked to the BTX Capital official wallet and Vanessa Cao's public wallet vanessacao.eth. The fund flows show that they can easily mobilize a large amount of funds for price manipulation. Specter pointed out that BTX Capital might also have manipulated tokens with recent abnormal fluctuations such as ZEREBRO, JELLYJELLY, HIFI, and suspects that similar tactics may have been used on ZEC.