- Bitget detected abnormal VOXEL/USDT trading, raising concerns about manipulation.
- VOXEL futures spiked 138% in 30 minutes, with the root cause still under investigation.
- Bitget paused accounts and plans to roll back trades, compensating affected users fully.
In an unexpected development, Bitget has come under scrutiny due to unusual trading activity involving the VOXEL/USDT perpetual futures contract — the native token of the Polygon-based RPG game, Voxie Tactics. The sudden spike in trading volume raised concerns about potential market manipulation on centralized exchanges.
According to the exchange’s announcement, the irregular activity occurred on April 20, 2025, between 8:00 and 8:30 UTC. During this time, the VOXEL/USDT trading volume increased by more than 138%, triggering the exchange’s internal risk controls. At its peak, VOXEL/USDT volume briefly surpassed that of Bitcoin, drawing attention from the trading community.
Within 24 hours, the VOXEL/USDT futures contract hit $12.7 billion in volume, while Bitcoin’s was around $4.76 billion. Further, as of press time, the CoinMarketCap data showed that VOXEL was trading at $0.08111, experiencing a 233.69% increase, However, it has fallen from its peak of $0.1645.
Source: Trading View
In response to this incident, Bidget temporarily restricted trading, deposits, and withdrawals for the affected accounts to ensure security. Further, the exchange emphasized that the issue was isolated, assuring users that their overall funds and transactions remain unaffected.
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To stabilize the situation, Bitget announced plans to roll back the affected trades within 24 hours and compensate users who experienced losses during this period. The exchange asked users to contact customer support to file claims and promised to release a detailed compensation plan soon.
In a public statement, Bitget CEO Gracy Chen clarified that the issue stemmed from individual trades and not a platform failure. Further, a spokesperson from the exchange stated in their X post that the investigation report on the incident would be available within 24 hours.
The incident garnered mixed reactions from the community, wherein some labeled it as immature and unethical, while others speculated that a bug in Bitget’s market-making robot may have triggered the irregular behaviour. Looking ahead, the exchange stated that it is strengthening the risk control framework to detect and neutralize abnormal activity in real time. As derivatives trading becomes more complex and competitive, Bitget is under pressure to ensure fairness and transparency on its platform.
