BTX Capital Accused of $25M POPCAT Manipulation
Analyst links BTX Capital to $25M POPCAT price manipulation causing $4.9M in losses on Hyperliquid.
- BTX Capital allegedly manipulated POPCAT via a massive buy wall.
- The incident caused $4.9M in HLP liquidations on Hyperliquid.
- Wallets used trace back to OKX and earlier TST manipulation.
A crypto analyst known as @SpecterAnalyst has accused BTX Capital and its founder, Vanessa Cao, of manipulating the price of POPCAT on the decentralized exchange Hyperliquid. According to the claims, the firm placed a large buy wall worth around $25 million, only to quickly remove it, which triggered a wave of liquidations on the platform.
This sudden move allegedly led to approximately $4.9 million in losses for Hyperliquid’s HLP (Hyperliquid Liquidity Providers), raising serious questions about market manipulation and the abuse of trading platforms.
Wallets Linked to Past Manipulations
The analyst’s investigation revealed that around 26 wallets were involved in this operation. These wallets were reportedly linked to OKX, a major crypto exchange, and some addresses were previously connected to manipulation of TST (another crypto asset). Alarmingly, several of these wallets also appear to be tied directly or indirectly to Vanessa Cao herself.
These findings suggest a deliberate and coordinated effort to manipulate POPCAT’s price and potentially profit from short positions on centralized exchanges, taking advantage of the artificial price movements caused on-chain.
A Pattern of Manipulation Emerging?
If these allegations prove true, it could be part of a broader pattern of market manipulation by certain players using sophisticated tactics. Placing large orders to influence price behavior, only to pull them before execution—a technique often called “spoofing”—is banned in traditional finance but remains a gray area in crypto.
This incident has sparked debates across the crypto community about the need for better surveillance, transparency, and perhaps regulation to prevent such abuses on decentralized platforms.
Read Also :
- Coinbase Ventures-Backed Supra Offers $1M Bounty to Beat Its Parallel EVM Execution Engine
- Cosmos Ecosystem Faces Shutdown Wave in 2025
- XRP ETF Sees $250M Inflows on First Day
- BlackRock Deposits $221M in Bitcoin to Coinbase
- BTX Capital Accused of $25M POPCAT Manipulation
