TechFlame reported on November 14 that cryptocurrency analyst Specter posted on X, stating that on-chain investigations indicate BTX Capital and its founder VanessaCao are suspected of involvement in price manipulation of multiple tokens on Hyperliquid.

Specter claimed that the related operations involved tokens such as POPCAT and TST, and allegedly leveraged substantial capital advantages for profit. On November 12, the attacker placed a buy wall of approximately $25 million around the $0.21 price level for POPCAT, creating a false impression of strong demand through over 26 wallets before canceling the orders. This led to massive liquidations, with the attacker losing around $4 million in collateral and HLP suffering losses of about $4.9 million. Specter suggested that the attacker's ability to absorb such significant losses might be linked to their short positions on the token via centralized platforms.

Specter further stated that on-chain fund flows point directly to BTX Capital. Wallets involved in TST manipulation, Bybit deposit wallets, and multi-signature addresses are all directly linked to BTX Capital's official wallets and VanessaCao's public wallet vanessacao.eth, demonstrating their capacity to mobilize large sums for price manipulation.

Additionally, Specter noted that BTX Capital may have also manipulated other tokens exhibiting abnormal volatility recently, such as ZEREBRO, JELLYJELLY, and HIFI.