It's impossible to undo because a lot of bids are build on the top of other bids. You would need to undo tons of history. A lot of legit players and traders would lose money. They would sue for market manipulation.

Let one who makes mistakes to pay for them.

However this does not prevent doing other trades on the top this trade to other direction. It is the question who catches the falling dagger and pays for the mistake of others.

See a similar story here

https://en.wikipedia.org/wiki/Knight_Capital_Group