While Bitcoin (BTC) and altcoins continued to experience sharp declines after October, there was a major collapse in the last 24 hours.
While bearish rhetoric increased after the decline, allegations of manipulation emerged in some altcoins.
At this point, crypto analyst Specter claimed that BTX Capital and its founder Vanessa Cao may have been involved in the price manipulation of multiple altcoins, including POPCAT and TST, on the Hyperliquid platform.
Accordingly, Cao is alleged to have artificially manipulated the price of POPCAT.
Cao allegedly manipulated the price of POPCAT by creating a buy wall of approximately $25 million and then pulling it out, triggering liquidations and causing the sudden closure of positions of highly leveraged investors, resulting in a loss of approximately $4.9 million in HLP.
According to the data revealed, Cao and the attackers created a buy order wall on POPCAT on November 12th, with a value of approximately $25 million at $0.21, to demonstrate strong demand.
These orders were later rescinded, leading to significant liquidations: $4 million in collateral losses for the attackers and $4.9 million for HLP.
Twenty-six wallets were found to be involved in the POCAT price manipulation, with addresses linked to OKX and previous TST token manipulations. Some were also linked directly to BTX Capital’s official wallet and VanessaCao’s public wallet, vanessacao.eth.
Analyst Specter also suggested that the attackers may have mitigated their losses by short-selling the token on centralized exchanges.
Specter added that he also suspects BTX Capital of manipulating other tokens that have shown unusual price movements, such as ZEREBRO, JELLYJELLY, ZEC, and HIFI.
*This is not investment advice.