Bitget Probes Suspicious VOXEL Surge, Promises Compensation for Affected Users
The post Bitget Probes Suspicious VOXEL Surge, Promises Compensation for Affected Users appeared on BitcoinEthereumNews.com.
Altcoins On April 20, crypto exchange Bitget flagged what it described as suspicious trading behavior linked to the VOXEL/USDT perpetual futures pair. The activity, which occurred within a 30-minute window, led to an internal investigation and a freeze on several accounts believed to be involved in potential market manipulation. Bitget has announced it will reverse profits gained through the questionable trades within the next 24 hours. The move is part of a broader corrective effort as the platform seeks to maintain integrity in its derivatives market. Speaking to Cointelegraph, CEO Gracy Chen emphasized that the issue stemmed from individual traders, not any fault in the exchange’s infrastructure. She clarified that there was no risk to customer funds and that the situation did not pose a systemic threat to the platform. To support affected users, Bitget plans to issue compensation and will soon release details outlining how impacted traders will be reimbursed. Chen said that their $300 million protection fund will be used if necessary, ensuring full coverage for any remaining user losses. The VOXEL contract in question experienced a dramatic price surge—climbing over 138% in a single day—raising concerns among the trading community. The event has sparked debate over how crypto exchanges should respond to abnormal trading patterns, drawing comparisons to past incidents like the Hyperliquid-Jelly exploit from March 2025. Author Kosta Gushterov Reporter at Coindoo Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets. Related stories Next article Source: https://coindoo.com/bitget-probes-suspicious-voxel-surge-promises-compensation-for-affected-users/
Filed under: News - @ April 21, 2025 4:21 am