Bloomberg: Trader Allegedly Manipulated Price via Hyperliquid Crude Oil Perpetual Contracts, Involving Over $170 Million in Orders

Odaily News - Market monitoring firm Solidus Labs found that during the period of severe volatility in international oil prices from March 8 to 10, a trader placed anomalous orders exceeding $170 million through two accounts on Hyperliquid, allegedly using "spoofing" to influence market prices. The relevant accounts placed large orders on one side of the order book and then quickly canceled them, while executing trades on the other side. Solidus stated that the trader profited approximately $119,000 during the relevant period, but their true identity and subjective intent to manipulate the market have not yet been confirmed.

In one case, the trader quickly canceled sell orders worth approximately $17 million while executing buy orders worth approximately $425,000, and the price of Brent crude oil perpetual contracts showed significant fluctuations before and after the cancellation. Hyperliquid Labs emphasized that all orders, cancellations, and trade records on the platform are publicly recorded on-chain and available for real-time review; the relevant contract issuer Trade.xyz also stated that the platform has order limits and continuous monitoring mechanisms in place. This incident has once again raised market concerns about trading regulation on crypto derivatives platforms and their potential impact on traditional commodity markets. (Bloomberg)