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

By: theblockbeats.news|2025/11/14 13:45:55
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BlockBeats News, November 14th, Crypto analyst Specter stated in a post that on-chain investigation indicates that BTX Capital and its founder Vanessa Cao may have been involved in price manipulation of multiple tokens on Hyperliquid, including POPCAT, TST, among others, and profited from this manipulation leveraging a significant fund advantage.

On November 12th, an attacker placed a buy wall of around $25 million at a price of approximately $0.21 for POPCAT, creating a strong illusion of demand by utilizing over 26 wallets and subsequently withdrawing the orders, leading to a significant liquidation event. The attacker self-liquidated $4 million in collateral, resulting in a $4.9 million loss for HLP. Specter believes that the attacker was able to withstand such a substantial loss possibly because they had shorted 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 flows indicate that they can easily mobilize large amounts of funds for price manipulation.

Specter pointed out that BTX Capital may have also manipulated tokens with recent anomalous fluctuations such as ZEREBRO, JELLYJELLY, HIFI, and suspects similar tactics may have been employed on ZEC.

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