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

BlockBeats News, November 14th: Cryptocurrency analyst Specter posted an article stating that on-chain investigations indicate that BTX Capital and its founder Vanessa Cao may have been involved in price manipulation of multiple tokens on Hyperliquid, including POPCAT, TST, etc., and profited from their significant financial advantage.

On November 12th, an attacker set up a buy wall of around $25 million at a price of about $0.21 for POPCAT, creating a strong demand illusion using over 26 wallets and then withdrew the orders, leading to a large-scale liquidation. The event caused the attacker to lose $4 million in collateral, and HLP suffered a $4.9 million loss. Specter believes that the reason the attacker could withstand such a huge loss may be due to shorting the token on a centralized exchange.

Further on-chain fund flows point to BTX Capital. 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 flow indicates that they can easily mobilize large amounts of funds to manipulate prices.

Specter pointed out that BTX Capital may have also manipulated tokens such as ZEREBRO, JELLYJELLY, HIFI, which have experienced recent abnormal fluctuations, and suspects a similar tactic may be at play for ZEC.