The decentralized perpetual futures trading platform Hyperliquid (HL) has recently been embroiled in another market manipulation storm. A deep investigation released by on-chain analyst Specter indicates that the crypto investment firm BTX Capital and its founder Vanessa Cao are suspected to be the masterminds behind several recent small token price manipulation incidents, including the attack event $POPCAT that drew attention this week. 26 wallet stacking $25 million buy wall after pulling orders, causing massive liquidation. The investigation shows that relevant wallet organizations are creating false demand on Hyperliquid by using fake buy orders, forcing the market to experience a series of liquidations, while simultaneously establishing reverse positions on the centralized exchange (CEX) to profit from the crash. According to on-chain analysis, on November 12 at 16:00.

On-chain analysis reveals that BTX Capital and founder Vanessa Cao allegedly manipulated token prices on Hyperliquid through coordinated "buy wall" strategies, resulting in significant losses on November 12. This incident highlights vulnerabilities in decentralized exchanges, impacting trader trust and attracting regulatory scrutiny.