BTX Capital and its founder Vanessa Cao are under scrutiny following allegations of price manipulation involving multiple tokens on the Hyperliquid platform. According to crypto analyst Specter, on-chain investigations reveal that BTX Capital may have orchestrated price manipulation schemes for tokens such as POPCAT and TST, leveraging their financial resources to create artificial demand and profit from market movements. On November 12, a buy order wall worth approximately $25 million was placed on POPCAT at $0.21, using over 26 wallets to simulate strong demand. These orders were later canceled, leading to significant liquidations. The incident resulted in a $4 million collateral loss for the attackers and a $4.9 million loss for HLP. Specter suggests that the attackers might have mitigated their losses by shorting the token on centralized exchanges. Further analysis of fund flows links the manipulation activities to BTX Capital's official wallet and Vanessa Cao's public wallet, vanessacao.eth. Specter also suspects BTX Capital of manipulating other tokens, including ZEREBRO, JELLYJELLY, and HIFI, which have shown unusual price movements. The investigation continues as more evidence is gathered to substantiate these claims.