Largest spoofing penalty: $920.2M

Spoofing is defined by intent, which no market-data feed can observe. Here are the order-book patterns that stand in for it, and where they fail. Spoofing, as regulators define it, is bidding or offering with the intent to cancel the order before execution. The offence lives in the trader's intent. That is a critical point for anyone building or buying a detection tool, because intent is precisely the thing that market data cannot contain. Enforcement history makes the standard concrete.

- Largest single-firm spoofing relief: $67.4M
- Defining element: Intent
- What a feed can observe: Behaviour only

The observation window and population are stated in the study's method section.

Study: https://vultax.com/research/order-book-spoofing-what-it-looks-like
Markdown: https://vultax.com/research/order-book-spoofing-what-it-looks-like.md
Share card: https://vultax.com/og/article/research/order-book-spoofing-what-it-looks-like
Live screen: https://app.vultax.com/predictions/crypto/BTCUSDT

Vultax Research, Order-Book Spoofing: What It Looks Like in Live Data, 2026-09-07, https://vultax.com/research/order-book-spoofing-what-it-looks-like