Source: Cointelegraph Original: "{title}"
Cryptocurrency exchange Bitget discovered "abnormal trading activity" in the VOXEL/USDT perpetual futures contract between 8:00 and 8:30 UTC on April 20, and suspended accounts suspected of market manipulation.
According to an announcement released by Bitget on April 20, the exchange will roll back the accounts suspected of market manipulation within 24 hours and recover the profits gained from these trades.
Bitget CEO Gracy Chen stated in an interview with Cointelegraph that these trades occurred between individual market participants, rather than on the platform itself. Chen also mentioned that these losses are not widespread across the platform, and user funds remain safe.
The cryptocurrency exchange also plans to compensate users who suffered losses due to suspected market manipulation and will announce a compensation plan soon, Chen confirmed to Cointelegraph. The Bitget CEO added:
"For any remaining losses, Bitget is fully prepared to provide compensation. Our $300 million protection fund offers ample support for such events, ensuring user assets remain secure."
This incident has raised questions about how exchanges handle trading anomalies and electronic trading errors. Some traders compared the Bitget incident to the Hyperliquid-Jelly exploit that occurred in March 2025.
Hyperliquid Incident Revisited?
On March 26, a trader established a long position with an equal short position using a hedging strategy by exploiting the price of the Jelly-my-Jelly (JELLY) commemorative coin on the Hyperliquid exchange.
The price of JELLY skyrocketed by over 400%, triggering a forced liquidation of the short position. However, due to the oversized position, it was ultimately processed through the Hyperliquidity Provider Vault (HLP).
In response to this trading activity, Hyperliquid delisted the JELLY perpetual contract, sparking widespread condemnation from the cryptocurrency community.
Bitget CEO Gracy Chen was one of the most critical voices regarding Hyperliquid, vehemently attacking the exchange for delisting Jelly and causing financial losses to users.
"The decision to close the JELLY market and force settlement of positions at favorable prices sets a dangerous precedent for the future. Trust—rather than capital—is the foundation of any exchange," Chen wrote in a post on X on March 26.
Related: Bitcoin poised to take off from $85,000, with BNB, HYPE, TAO, and RNDR likely to follow.
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