BTX Capital Under Fire for Alleged $25 Million POPCAT Manipulation on Hyperliquid

Crypto analytics firm @SpecterAnalyst has accused BTX Capital, led by founder Vanessa Cao, of manipulating the price of POPCAT on decentralized exchange Hyperliquid. They allege that the firm executed a massive buy wall worth around $25 million, which was swiftly reversed. This tactic triggered substantial liquidations affecting Hyperliquid’s HLP providers and resulted in estimated losses of $4.9 million. 26 wallets linked to BTX Capital and its founder were traced back to OKX and previously used for TST manipulation, raising concerns about coordinated market manipulation.