Allegations of Manipulation in POPCAT and the Role of Vanessa Cao

Recently, the sharp fluctuations in the price of POPCAT (POPCAT) have generated significant curiosity among investors. Crypto analyst SpecterAnalyst claimed that these price movements occurring on the Hyperliquid platform were manipulated by a massive buy wall created by BTX Capital and its founder Vanessa Cao.

According to the analyst, wallets associated with BTX Capital established an artificial buy wall valued at approximately 25 million dollars and quickly retracted this wall, triggering liquidations. This situation led to losses of about 4.9 million dollars for Hyperliquid liquidity providers. The allegations indicate that this attack was not a one-time move but was carried out through coordinated actions of interconnected wallets.

SpecterAnalyst stated that he tracked around 26 wallets involved in the incident, most of which were reportedly linked to OKX. Furthermore, it is noted that the said addresses appear to be connected to a previously alleged TST manipulation. A large portion of the wallets is linked to addresses associated with Vanessa Cao, making the incident suspicious and organized.

According to the allegations, the attackers not only benefited from the liquidations triggered on the Hyperliquid platform but may have also taken opposite positions on centralized exchanges to gain additional profits. Thus, they caused huge losses on the HLP side while seizing the opportunity to expand their positions outside. The sudden shock experienced in the POPCAT price resulted in millions of dollars in losses on the HLP side.

The fake buy wall built upon POPCAT created a perception of strong demand in the market, and it is understood that the withdrawal of this wall triggered an aggressive wave of liquidations. This incident has sparked renewed discussions about Hyperliquid's risk management mechanisms and the fragile nature of the meme coin market.

What can POPCAT investors expect? The report by SpecterAnalyst has resonated widely within the community, while BTX Capital has yet to make a statement regarding the allegations. POPCAT investors and HLP providers continue to closely monitor the situation. If the manipulation allegations are confirmed, this incident could become one of the most striking examples of the risks posed by large funds in decentralized derivatives platforms.