Solidus Flags More Than $170 Million in Orders Resembling Hyperliquid Spoofing

Solidus Labs flagged more than $170 million in unusual orders across two Hyperliquid accounts from March 8 to 10, saying their pattern resembled spoofing during oil-market volatility and raised oversight questions.

The accounts posted large orders on one side of the book, withdrew them rapidly and made trades in the opposite direction. The trader's gains were estimated at about $119,000. The trader's identity and intent have not been confirmed.

In one instance, about $17 million in sell orders were pulled as roughly $425,000 in buy orders were executed. Brent crude perpetual prices moved noticeably around the cancellation.

Order submissions, cancellations and trades are recorded publicly onchain and can be reviewed in real time. The related contracts have order limits and are monitored continuously.

The activity renewed questions about oversight of crypto derivatives and their possible effects on traditional commodity markets.