Zerohedge can be entertaining but the objectivity of it' conclusions is dubious at best. As already stated in the OP, HFT firms place and cancel orders quickly. These charts show this. How exactly is that defrauding anyone? Aside from stating that it does, the article does not explain how. Let's also keep in mind that pretty charts insinuating wrongdoing with a catchy title on a highly trafficked website like ZH is pretty sweet marketing for a company who sells market data products.