Placed orders totaling $170 million, yet ended up profiting only $119,000. The amount is small, but the entire strategy was clearly recorded on-chain. Hyperliquid is an on-chain derivatives trading platform that, in addition to cryptocurrencies, also offers crude oil futures contracts. Between March 8 and 10 this year, international oil prices experienced sharp volatility. The monitoring firm Solidus Labs detected that a trader placed over $170 million in unusual orders on Brent crude futures contracts using two accounts during this period. This tactic is known as "spoofing": placing large orders on one side to create the illusion of strong buying or selling pressure, then canceling them as soon as the price moves, while executing real trades on the opposite side. In the most typical instance, he canceled approximately $17 million in sell orders and almost simultaneously bought around $425,000. Who this trader is and whether the activity was intentionally manipulative have not been confirmed. Hyperliquid’s response was that all orders, cancellations, and executions are recorded on-chain and publicly accessible in real time. That’s true—Solidus precisely used these public records to identify the trader. But during the time that $17 million in sell orders remained visible on the order book, other market participants saw what appeared to be an impenetrable wall of supply.