Bitget Takes Legal Action Against VOXEL Token Manipulation
Bitget is pursuing legal action against eight accounts linked to the manipulation of 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 send eight legal letters to suspected individuals who gained over $20 million improperly.
Xie stated that any recovered funds will be distributed to users through airdrops. The incident occurred on April 20 when VOXEL’s price jumped over 200% in 30 minutes, briefly surpassing Bitcoin in trading volume. The price spiked from $0.125 to $0.1645, causing chaos. A suspected bug in Bitget’s market-making bot was the cause. The exchange paused VOXEL/USDT trading and froze related accounts. Users who traded VOXEL between 16:00 and 16:30 on April 20 but had withdrawn their funds will not face consequences.These accounts have been restored.
Bitget plans to restore fairness.
Bitget assured users that trades between 16:00 and 16:30 on April 20,who had already withdrawn funds,would not face repercussions. These accounts have been restored. Xie expressed regret for any inconvenience and promised a full report soon.
This incident is reminiscent of a similar event on Hyperliquid involving the JELLY token in March. Bitget’s CEO, Gracy Chen, criticized Hyperliquid’s response. Critics now question her stance following the VOXEL scandal.
