On-chain analysis shows that BTX Capital and founder Vanessa Cao are suspected of manipulating token prices on Hyperliquid through a coordinated “buy wall” strategy, causing significant losses on November 12. The incident highlights the vulnerabilities of the decentralized exchange, affecting trader confidence and drawing attention from regulators.
Investigations show that BTX Capital is involved in manipulating the prices of POPCAT and TST, with multiple wallets directly connected to Cao. The large flow of funds and activities between the wallets indicate clear coordination.
The manipulation event on November 12 led to the forced liquidation of POPCAT, causing losses of approximately 4 million USD for the attacking group and 4.9 million USD for Hyperliquid. Expert Specter noted that 26 wallets coordinated using a buy wall strategy, along with multisig transactions and shorts on centralized exchanges, indicating large-scale manipulation activities affecting many other tokens.
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