Bitget Takes Legal Action Against VOXEL Token Manipulation
Bitget is taking legal action against eight accounts involved in manipulating the VOXEL token. This led to a sudden price surge and market instability. Jiayin Xie, the head of Asia at Bitget, announced on April 27 that the exchange will issue eight legal letters. Thes letters target individuals suspected of improperly gaining over $20 million from the incident.
Xie clarified that the exchange plans to distribute 100% of any recovered funds to platform users through airdrops. The incident occurred on April 20 when VOXEL’s price jumped by over 200% in 30 minutes. The price spiked from $0.125 to $0.1645, briefly making VOXEL the moast traded asset on Bitget. The price surge was likely due to a suspected bug in Bitget’s market-making bot. Traders exploited this bug,causing rapid price swings and instant order fills. Bitget paused trading and froze several accounts. Thay will also roll back irregular trades and compensate affected users.
users who traded VOXEL between 16:00 and 16:30 on April 20. The exchange assured users who withdrew funds during this period that they won’t face repercussions. These accounts have been restored.
Bitget will send legal letters to the suspected accounts. The exchange will distribute recovered funds to users. Xie assured the community that the incident wasn’t due to an internal failure. A full report will be released soon. Xie expressed regret for any inconvenience caused.
Bitget’s CEO, Gracy Chen, criticized Hyperliquid’s response to a similar incident involving the JELLY token. Critics have called her out for perceived hypocrisy. The platform paused trading on the VOXEL/USDT contract. The exchange aims to restore normalcy and compensate those who lost money. The platform will not reveal the identities of those responsible. The incident caused market instability. The exchange will issue legal letters to the suspected accounts. The platform will not pursue further action against restored accounts. The exchange paused trading and froze accounts involved in unusual activity. The platform will compensate users who incurred losses.
- Bitget will issue eight legal letters.
- Recovered funds will be given back to users.
- Users who traded VOXEL during the price spike won’t face consequences.
Bitget will compensate users who lost money. The exchange will distribute recovered funds through airdrops. The incident was not due to an internal exploit. The exchange will distribute recovered funds to users. The platform will not reveal the identities of those responsible.
Bitget will distribute recovered funds to users. The exchange will not pursue further duty against restored accounts. the platform will not reveal the identities of those responsible.
