Battle for VOXEL: Bitget Uncovers $20 Million in Manipulation
Date: 2025-04-28 Author: Gabriel Deangelo Categories: BUSINESS
According to Xie Jiayin, head of the Chinese division of Bitget, on April 20, these traders earned a total of about $20 million on their operations. Rumors immediately began to spread on X social networks that the cause of the incident could be an error by Bitget's market maker.
The platform stated that legal notices would be sent to the owners of suspicious accounts. They are suspected of creating a "professional arbitration group" that could intentionally exploit market vulnerabilities for their own purposes.
Jiayin emphasized that all funds that were recovered as a result of the investigation will be fully returned to users via an airdrop.
Bitget promised to publish a detailed report on the situation around VOXEL in the near future. During the peak of abnormal activity, the trading volume for the VOXEL/USDT pair on the exchange exceeded $12 billion, which significantly exceeded similar figures on the largest Binance platform. After recording the non-standard dynamics, the exchange took action: suspicious accounts were blocked, and completed transactions were canceled.
Bitget CEO Gracie Chen explained in an interview with Cointelegraph that the transactions were carried out by individual traders, and not by the trading platform itself. Thus, responsibility for what happened lies with specific market participants.
Earlier, on April 17, analysts confirmed the presence of insider actions in the collapse of the Mantra token, which once again emphasizes the presence of serious risks in the crypto market.
