{"id":24078,"date":"2025-04-28T04:50:15","date_gmt":"2025-04-28T04:50:15","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=24078"},"modified":"2025-04-28T04:50:15","modified_gmt":"2025-04-28T04:50:15","slug":"bitget-takes-legal-action-on-alleged-voxel-futures-price-manipulation","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=24078","title":{"rendered":"Bitget takes legal action on alleged VOXEL futures price manipulation"},"content":{"rendered":"
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\"Bitget<\/p>\n

Crypto exchange Bitget says it is sending letters from its lawyers to account holders it alleges were involved in manipulating the price of perpetual futures contracts tied to the VOXEL token.<\/p>\n

Eight account holders that the exchange accuses of being involved in the April 20 incident and who allegedly pocketed $20 million between them will receive a letter from the exchange’s lawyers in \u201cquick succession,\u201d Xie Jiayin, Bitget\u2019s head of Chinese operations, said<\/a> in an April 27 X post.<\/p>\n

\u201cThese eight accounts are the main instigators of the VOXEL incident and have improperly gained more than 20 million US dollars from it,\u201d she said, according to a translation of the post.<\/p>\n

\u201cExcept for these eight accounts, all other users who participated in VOXEL trading on April 20 and have withdrawn funds do not need to worry,\u201d she added. \u201cThe accounts have been restored to normal and no responsibility will be pursued in the future.\u201d<\/p>\n

\"Bitget
Source: <\/em>Xie Jiayin<\/em><\/a><\/figcaption><\/figure>\n

On April 20, Bitget said it discovered<\/a> \u201cabnormal trading activity\u201d on its VOXEL\/USDT perpetual futures contract and paused accounts it suspected of market manipulation<\/a>.<\/p>\n

The trading pair clocked over $12 billion in volume<\/a>, dwarfing the metrics of the same contract on Binance. After the pause, Bitget rolled back the irregular trades to claw back the gains.<\/p>\n

At the time, Bitget CEO Gracy Chen told Cointelegraph that the trades were between individual market participants, not the platform itself, and insisted the losses were not platform-wide and user funds remained safe.<\/p>\n

Bitget still investigating cause of incident\u00a0<\/h2>\n

Jiayin said Bitget plans to distribute 100% of the recovered funds to affected users through airdrops<\/a> while a complete incident report is still in the works.<\/p>\n

Some X users claimed the incident was caused by a bug<\/a> in a \u201cmarket maker\u201d bot, which caused VOXEL\u2019s excessive volume. Traders who spotted the suspected bug early used high-leverage bets to boost their profits in a zero-cost exploit.<\/p>\n

Related: <\/strong><\/em>Bitget CEO slams Hyperliquid\u2019s handling of \u2018suspicious\u2019 incident involving JELLY token<\/strong><\/em><\/a><\/p>\n

VOXEL is the native utility token of Voxies, a free-to-play, 3D turn-based tactical RPG game built on the Ethereum blockchain.<\/p>\n

Decentralized exchange Hyperliquid suffered a similar incident on March 27, when a whale allegedly exploited the liquidation parameters to profit at least $6.26 million<\/a> on the Jelly my Jelly (JELLY) memecoin.<\/p>\n

Hyperliquid has since delisted perpetual futures tied to the JELLY token<\/a>, citing evidence of suspicious market activity as the reason for the decision.\u00a0<\/p>\n

Magazine: <\/strong><\/em>Memecoins are ded \u2014 But Solana \u2018100x better\u2019 despite revenue plunge<\/strong><\/em><\/a><\/p>\n