Crypto exchange Bitget has announced legal action against eight accounts allegedly involved in manipulating the price of VOXEL futures contracts. The platform claims these accounts gained over $20 million during abnormal trading activity on April 20, 2025.
Bitget’s head of Chinese operations, Xie Jiayin, revealed on X (formerly Twitter) that letters from the company’s lawyers will be sent to the accused traders. She assured other users that if they withdrew funds normally on April 20, they would not be affected.
看到有社区在讨论BG发出的律师函，我核实后，想跟大家澄清几个细节：
— 谢家印 (@xiejiayinBitget) April 27, 2025
1、Bitget 将陆续发出8份律师函。
2、这8个账户疑似相关联的专业羊毛利益集团，是导致本次VOXEL事件的主要始作俑者，并从中不当得利超过2000万美金。
3、追回的资金，Bitget 将100% 以空投形式发放给平台用户！…
The incident began when Bitget detected unusual activity on its VOXEL/USDT perpetual futures trading pair. Trading volume on Bitget surpassed $12 billion, far exceeding activity on larger exchanges like Binance. As a result, Bitget temporarily froze certain accounts and rolled back irregular trades to protect market fairness.
Bitget Assures Users and Plans Airdrop
Bitget CEO Gracy Chen confirmed to a media house that the suspicious trades were between individual market participants, not linked to the platform itself. She also reassured users that their funds remained safe and there was no platform-wide loss.
Bitget continues to investigate the cause of the incident. Some community members suggest a bug in a market maker bot could have triggered the massive trading volume. Opportunistic traders allegedly spotted the flaw and made high-leverage bets to exploit it.
VOXEL, the token involved, belongs to Voxies, a free-to-play, 3D tactical RPG game built on the Ethereum blockchain.Bitget plans to airdrop 100% of the recovered funds to affected users. A detailed incident report is still pending, Jiayin said.
This incident mirrors a similar event on decentralised exchange Hyperliquid in March, where a user exploited liquidation rules tied to the JELLY token, profiting $6.26 million. Following that, Hyperliquid delisted the affected futures contract.
Bitget’s proactive measures underline the growing importance of strong oversight in the rapidly evolving crypto derivatives market.
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