Analyst Specter AnalystBTX Capital and its founder Vanessa Cao hyperliquid claims that POPCAT artificially manipulates its price in its protocol. did. According to the report, a purchase wall worth approximately $25 million was created and withdrawn in a short time, triggering liquidations, resulting in an HLP loss of approximately $4.9 million. Approximately 26 wallets involved in the transaction were found to extend to addresses associated with OKX and previous TST token manipulation.
Suspicious Purchase Wall Created on Hyperliquid
According to allegations, the process POPCAT It was launched to create the appearance of volume increase in the market. Addresses thought to be associated with BTX Capital changed investor perception by placing a giant buy wall around $25 million. It was then claimed that with the rapid withdrawal of the wall, the price balance was disrupted and the liquidation chain was triggered. This transaction led to the sudden closing of positions of investors trading with high leverage.
Specter Analyst argued that the incident was not limited to technical manipulation, but had the impression of a planned market manipulation. The analyst believes that some of the wallets used in transactions are directly BTX CapitalHe stated that it was similar to the addresses associated with . Mobility in intra-blockchain data was considered as signs of possible coordination.
Traces Lead to OKX and TST Scandal
A significant portion of the wallets included in the research OKX It was also reported that it corresponds to the addresses allegedly involved in TST token manipulation in the past. It was also stated that some addresses were directly associated with Vanessa Cao. Experts evaluate that similar manipulations may have been made in different parts of the market with the same method.
The analyst also claimed that the attacker may have taken advantage of artificial price movements on Hyperliquid to open reverse positions on central exchanges, thus making serious profits.
