Crypto analyst Specter published an article on X stating that on-chain investigations indicate BTX Capital and its founder Vanessa Cao are suspected of price manipulation of multiple tokens on Hyperliquid. Specter claims the operations involve tokens such as POPCAT and TST, and appear to have exploited their large financial resources for profit. On November 12th, the attackers placed approximately $25 million in buy orders at around $0.21 for POPCAT, creating a false impression of strong demand through more than 26 wallets before cancelling the orders, leading to massive liquidations. The attackers lost approximately $4 million in collateral, and HLP lost approximately $4.9 million. He believes the attackers' ability to withstand such large losses may be related to their shorting of the token on centralized platforms. Specter indicates that on-chain fund flows further point to BTX Capital. Wallets involved in TST manipulation, Bybit deposit wallets, and multi-signature addresses are all directly linked to BTX Capital's official wallet and VanessaCao's public wallet vanessacao.eth, demonstrating its ability to mobilize large sums of money for price manipulation. Furthermore, Specter points out that BTX Capital may have also manipulated tokens such as ZEREBRO, JELLYJELLY, and HIFI, which have recently experienced abnormal price fluctuations, and suspects similar methods may be applied to ZEC.