Top Highlights
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Anomalous Trading Activity: Bitget suspended several accounts and rolled back trades in the VOXELUSDT perpetual futures market after detecting significant irregular activity on April 20th, marked by dramatic price spikes and trading volumes.
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Investigation and Restrictions: An internal investigation indicated potential market manipulation by certain accounts, which have been temporarily barred from trading, while all other users and their funds remain secure.
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VOXEL Token Surge: During the incident, the price of VOXEL (the token for Voxie Tactics) skyrocketed over 300%, fueling social media speculation and stories of massive profits from small investments, amidst suggestions of possible technical malfunctions on the exchange.
- Response and Future Measures: Bitget plans to roll back irregular trades within 24 hours, compensate affected users, and implement measures to stabilize operations, echoing past controversies over centralized exchange responsibilities highlighted by incidents such as Hyperliquid’s JELLY trading issues.
Bitget Detects Abnormal VOXEL Activity, Launches Trade Rollback and Compensation Plan
On April 20, Bitget announced irregular trading activity in its VOXELUSDT perpetual futures market. Consequently, the crypto exchange suspended multiple accounts and initiated a rollback of trades. This decision came after unusual price spikes and trading volumes, which exceeded typical levels and even surpassed Bitcoin’s 24-hour volume.
Bitget stated that its internal investigation revealed potential market manipulation by certain accounts. As a result, these accounts are now temporarily prohibited from trading, making deposits, or withdrawing funds. Importantly, Bitget assured users that all other accounts remain unaffected and that all funds remain secure.
During this incident, VOXEL, the native token of the Polygon-based game Voxie Tactics, surged dramatically in price. Currently ranked 787th by market capitalization, VOXEL has risen over 300% in just one week. The sudden surge sparked social media speculation, with one user claiming a small investment turned into six-figure profits. This user suggested that a malfunction in the exchange’s market-making system might have contributed to the spike; however, Bitget has not confirmed any technical issues.
In response to user concerns, Bitget plans to roll back irregular VOXELUSDT trades within 24 hours. Furthermore, it will offer compensation to traders who incurred losses during the abnormal trading period. The exchange emphasized its commitment to stabilizing trading operations and preventing similar incidents in the future.
This incident has revived discussions about the responsibilities of centralized exchanges amid unusual trading events. Some traders recall the Hyperliquid-JELLY case from March 2025, which involved market manipulation leading to considerable liquidations. At that time, Bitget CEO Gracy Chen criticized Hyperliquid’s decision to delist the token’s contracts, warning it could undermine trust in exchanges. Now, Bitget faces similar scrutiny as it addresses the recent trading irregularities.
As the landscape of cryptocurrency continues to evolve, incidents like this highlight the ongoing challenges of market integrity and user trust in technology-driven finance.
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