Odaily Planet Daily reports: Market monitoring firm Solidus Labs found that a trader placed over $170 million in anomalous orders across two accounts on Hyperliquid during the period of sharp oil price volatility from March 8 to 10, allegedly using "spoofing" to manipulate market prices. The accounts placed large orders on one side of the order book and quickly canceled them while executing trades on the opposite side. Solidus noted that the trader reportedly profited approximately $119,000 during this period, though the trader’s true identity and intent to manipulate the market have not been confirmed. In one example, the trader rapidly canceled approximately $17 million in sell orders while executing around $425,000 in buy orders, resulting in noticeable price fluctuations in Brent Crude perpetual contracts before and after the cancellations.
Hyperliquid Labs emphasized that all orders, cancellations, and trade records on the platform are publicly recorded on-chain and available for real-time review; Trade.xyz, the contract issuer, also stated that the platform implements order limits and continuous monitoring mechanisms. This incident has once again drawn market attention to the regulation of crypto derivatives platforms and their potential impact on traditional commodities markets. (Bloomberg)