Bitcoin (BTC) and altcoins have continued to decline significantly since October, but a major crash occurred in the past 24 hours.
After the fall, bearish comments increased, and suspicions of manipulation emerged in some altcoins.
At this point, cryptocurrency analyst Spector claimed that BTX Capital and its founder Vanessa Cao may have been involved in price manipulation of multiple altcoins on the HyperLiquid platform, including POPCAT and TST.
Therefore, Mr. Cao is said to have artificially manipulated the price of POPCAT.
Mr. Cao allegedly manipulated the price of POPCAT by placing a buy wall of approximately $25 million and then withdrawing it, causing liquidations and causing highly leveraged investors to abruptly close their positions, resulting in approximately $4.9 million in losses for HLP.
According to the data revealed, on November 12, Cao and his attackers created a buy order wall worth about $25 million at $0.21 on POPCAT to demonstrate strong demand.
These orders were later rescinded, resulting in a large settlement of $4 million in collateral losses for the attackers and $4.9 million for HLP.
It was discovered that 26 wallets were involved in POCAT price manipulation, and their addresses were linked to OKX and previous TST token manipulation. Some were directly linked to BTX Capital’s official wallet and VanessaCao’s public wallet vanessacao.eth.
Analyst Spector also suggested that the attackers may have mitigated their losses by shorting the tokens on a centralized exchange.
Spector added that other tokens that have shown abnormal price movements are also suspected to be manipulated by BTX Capital, including ZEREBRO, JELLYJELLY, ZEC, and HIFI.
*This is not investment advice.
