Bitget Flags VOXEL-USDT Futures Anomaly, Moves to Protect Traders Amid Market Turbulence
Crypto exchange Bitget springs into action after suspicious price spike; CEO Gracy Chen promises compensation and transparency.
Bitget Detects Suspected Manipulation in VOXEL Futures, Rolls Back Affected Accounts
In a swift response to irregular trading activity, cryptocurrency exchange Bitget announced it is rolling back suspicious accounts involved in abnormal trades on the VOXEL/USDT perpetual futures contract. The trading spike occurred on April 20 between 8:00 and 8:30 UST, prompting an internal investigation and immediate action.
According to Bitget, the price of VOXEL surged over 138% in less than 30 minutes, raising red flags over potential market manipulation. In a public statement, Bitget assured users that the affected accounts would be rolled back within 24 hours and any illicit gains would be clawed back.
User Funds Safe, Compensation Incoming
Speaking to Cointelegraph, Bitget CEO Gracy Chen emphasized that the trades were carried out between individual market participants—not the exchange itself.
“User funds remain secure,” Chen confirmed. “This isn’t a platform-wide issue, and we’re fully committed to protecting our users.”
Bitget plans to release a comprehensive compensation plan for users who suffered losses during the incident. Chen noted that Bitget’s $300 million protection fund will be activated if necessary.
“For any residual losses, Bitget is fully prepared to offer compensation, backed by our protection fund. We are here to assure our users that their assets remain secure in times like this,” said Chen.
Crypto Community Remembers Similar Hyperliquid Blow-Up
The Bitget situation has drawn comparisons to a similar market event in March 2025 on the Hyperliquid exchange involving the memecoin Jelly-my-Jelly (JELLY).
During that incident, a trader manipulated price action by hedging a long and short position, causing a 400% pump in the token’s price. The resulting forced liquidations and eventual delisting of the JELLY perpetual contracts triggered a wave of criticism.
Ironically, Gracy Chen was one of the most vocal critics of Hyperliquid’s handling of that event.
“The decision to close the JELLY market and force settlements at a favorable price sets a dangerous precedent,” Chen posted on X. “Trust—not capital—is the foundation of any exchange.”
Bitget’s Proactive Stance Seen as a Test of Trust
In a market frequently shaken by volatility and manipulation, Bitget’s quick reaction and transparent communication are being seen as a benchmark for responsible exchange behavior. While the VOXEL incident raised alarm bells, the company’s readiness to investigate, compensate, and communicate could strengthen user confidence at a time when trust is the ultimate currency.
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