Analyst Specter alleged that BTX Capital and founder Vanessa Cao manipulated POPCAT and TST token prices on the Hyperliquid platform. On November 12, a $25 million buy wall triggered mass liquidations, reportedly leading to a $4 million loss for BTX Capital's own positions and $4.9 million in losses for Hyperliquid's liquidity pool (HLP). The incident is supported by blockchain evidence linking involved wallets to the firm, suggesting coordinated market influence.