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BTX Capital is accused of "malicious manipulation" of the prices of various tokens on Hyperliquid.

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On November 14, crypto analyst Specter stated that on-chain investigations revealed that BTX Capital and its founder Vanessa Cao may have been involved in price manipulation of various tokens on Hyperliquid, including POPCAT, TST, etc., profiting through large capital advantages. On November 12, attackers set up a buy wall of about $25 million at a price of approximately $0.21 for POPCAT, creating a strong demand illusion with over 26 wallets before canceling orders, leading to massive liquidations. The incident caused the attackers to suffer a loss of $4 million in collateral, while HLP lost $4.9 million. Specter believes that the attackers were able to bear such huge losses possibly because they shorted the token on centralized trading platforms. On-chain fund flows further point to BTX Capital. Wallets involved in TST manipulation, CEX deposit wallets, and multi-sig addresses are directly linked to BTX Capital's official wallet and Vanessa Cao's public wallet vanessacao.eth. The flow of funds indicates that they can easily mobilize large amounts of capital for price manipulation. Specter pointed out that BTX Capital may have also manipulated recently volatile tokens like ZEREBRO, JELLYJELLY, HIFI, and suspects similar methods may have been applied to ZEC.

POPCAT-5.48%
TST-8.87%
ZEREBRO-1.77%
JELLYJELLY-10.76%
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