On April 20th, Bitget, a prominent cryptocurrency exchange, reported abnormal trading activity in its VOXELUSDT perpetual futures market. This unusual occurrence led the exchange to suspend several accounts and initiate a rollback of trades.
According to an official announcement from Bitget, the irregular activity took place between 8:00 and 8:30 UTC, featuring price spikes and trading volumes that significantly surpassed typical levels, even exceeding Bitcoin’s 24-hour trading volume.
VOXEL Turmoil
Bitget stated that an internal investigation uncovered potential market manipulation by certain accounts. Consequently, these accounts have been temporarily restricted from trading, deposits, and withdrawals. The exchange assured users that all other accounts remain unaffected, with all funds secured.
VOXEL, the native token of the Polygon-based game Voxie Tactics, experienced a drastic price increase during this turmoil. Currently ranked 787th by market cap, VOXEL has surged over 300% within the past week.
The sudden spike in trading activity on Bitget sparked speculation across social media. One user claimed to have transformed a modest investment of less than $100 into six-figure profits. This user suggested the price surge could be attributed to a malfunction in the exchange’s market-making system, although Bitget has yet to confirm any technical issues.
To address the situation, Bitget announced a rollback of all irregular VOXELUSDT trades within 24 hours, alongside compensation for users affected by the unusual trading activity. The exchange emphasized its commitment to stabilizing trading operations and implementing further measures to prevent similar incidents in the future.
Echoes of Hyperliquid-JELLY Controversy Emerge
This incident has reignited discussions surrounding the responsibilities of centralized exchanges in times of abnormal trading activity and technical failures. Some traders have drawn parallels to the Hyperliquid-JELLY case from March 2025, in which manipulation of the meme coin JELLY resulted in significant liquidations.
In that instance, Hyperliquid’s response involved delisting the token’s perpetual contracts, a decision that provoked backlash from the crypto community. Interestingly, Bitget CEO Gracy Chen criticized Hyperliquid’s actions at that time, warning that such decisions could erode trust in exchanges. As Bitget faces scrutiny for rolling back trades and compensating affected users, the crypto landscape watches closely for how this controversy evolves.
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