According to Bloomberg, market surveillance firm Solidus Labs identified over $170 million in unusual orders placed through two Hyperliquid accounts between March 8 and 10, amid sharp oil price swings linked to the Iran war. The activity raised concerns about potential spoofing in oil perpetual futures markets.

The trader repeatedly placed and canceled large orders on one side of the order book while executing trades on the other, with a cancellation-to-execution value ratio of roughly 30:1, generating about $119,000 in profits over three days. The activity primarily involved Brent crude perps. Solidus said the pattern resembled spoofing but acknowledged that manipulative intent remains unproven. Hyperliquid Labs emphasized that all orders, cancellations and trades are recorded on a transparent public blockchain and can be independently reviewed.