Source: Cointelegraph
Original: “Bitget Takes Legal Action Against Accounts Suspected of Manipulating VOXEL Futures Prices”
Cryptocurrency exchange Bitget has announced that it is sending legal letters to account holders suspected of manipulating the price of VOXEL perpetual futures contracts.
Xie Jiayin, the Chinese spokesperson for Bitget, stated in a post on the X platform on April 27 that the exchange will "gradually" send legal letters to the eight account holders involved in the April 20 incident. These accounts are alleged to have collectively profited $20 million.
"These eight accounts are suspected to be associated with a professional profit-seeking group, which is the main instigator of the VOXEL incident and has improperly profited over $20 million," he stated in the post.
He added, "Apart from these eight accounts, all other users who participated in VOXEL trading between 16:00 and 16:30 on April 20 and have withdrawn funds need not worry. Accounts have been restored to normal as of Wednesday, and no further liabilities will be pursued in the future."
On April 20, Bitget reported discovering "abnormal trading activity" on its VOXEL/USDT perpetual futures contracts and suspended accounts suspected of market manipulation.
The trading volume for this pair exceeded $12 billion, far surpassing similar contract data from Binance. After the suspension, Bitget rolled back these abnormal trades to recover profits.
At the time, Bitget CEO Gracy Chen told Cointelegraph that these trades occurred between individual market participants rather than on the platform itself, emphasizing that the losses were not within the platform's scope and that user funds remained safe.
Xie Jiayin stated that Bitget plans to distribute 100% of the recovered funds to affected users through an airdrop, while a complete incident report is still being prepared.
Some users on the X platform claimed that the incident was caused by a flaw in a market-making bot, leading to abnormal trading volume for VOXEL. Traders who discovered this suspected flaw early used high leverage to increase their profits from zero-cost arbitrage.
VOXEL is the native utility token of Voxies, a free 3D turn-based strategy role-playing game built on the Ethereum blockchain.
The decentralized exchange Hyperliquid experienced a similar incident on March 27, where a whale reportedly profited at least $6.26 million by exploiting liquidation parameters, targeting the meme coin Jelly my Jelly (JELLY).
Subsequently, Hyperliquid delisted perpetual futures linked to the JELLY token, stating that the discovery of suspicious market activity was the reason for this decision.
Related: From Binance HODLer to Gate.io CandyDrop: How Exchanges Use "Candy" to Bind Users
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