Cryptocurrency exchange Bitget has announced legal action against eight account holders accused of manipulating the price of VOXEL perpetual futures contracts. The exchange claims the traders unlawfully profited by over $20 million during an incident on 20 April 2025.
Xie Jiayin, Bitget’s head of Chinese operations, revealed in an 27 April 2025 post on X that the exchange’s legal team will send letters to the implicated accounts “in quick succession.”
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Bitget Targets VOXEL Manipulators
Jiayin labeled these accounts as the “main instigators” behind the manipulation, assuring other VOXEL traders that no further action would be taken against users who traded and withdrew funds on that day without involvement in the scheme.
The issue arose when Bitget detected unusual trading activity on its VOXEL/USDT perpetual futures market. The trading volume surged past $12 billion—far exceeding typical levels and outpacing activity on larger platforms like Binance.
Bitget quickly froze suspected accounts and reversed irregular trades to recover illicit gains.
Bitget CEO Gracy Chen clarified at the time that the trades were conducted solely between individual market participants, stressing that the platform itself was not compromised and that user funds remained secure.
Jiayin confirmed that Bitget will return 100% of the recovered funds to affected users via airdrops, with a full incident report forthcoming.
看到有社区在讨论BG发出的律师函，我核实后，想跟大家澄清几个细节：
1、Bitget 将陆续发出8份律师函。
2、这8个账户疑似相关联的专业羊毛利益集团，是导致本次VOXEL事件的主要始作俑者，并从中不当得利超过2000万美金。
3、追回的资金，Bitget 将100% 以空投形式发放给平台用户！…— 谢家印 (@xiejiayinBitget) April 27, 2025
Speculation within the crypto community suggests the manipulation may have been triggered by a flaw in a market maker bot, which inflated VOXEL trading volumes.
Savvy traders allegedly exploited the glitch using high-leverage positions, turning the bug into a zero-cost profit opportunity. VOXEL serves as the native token for Voxies, a blockchain-based tactical RPG game on Ethereum.
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Trader Exploits Hyperliquid’s Liquidation Mechanism for $6.26M in JELLY Futures
This event mirrors a similar case on 27 March 2025 involving decentralized exchange Hyperliquid, where a trader reportedly exploited liquidation mechanisms to earn $6.26 million from JELLY memecoin futures.
The attacker used $7 million across multiple accounts to trigger a 400% price pump. This forced Hyperliquid’s liquidity vault to absorb the losses.
Hyperliquid eventually shut down the JELLY market. Furthermore, Hyperliquid promised to compensate affected users. However, they faced heavy criticism for its handling of the situation.
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Key Takeaways
- Bitget is taking legal action against eight traders accused of manipulating VOXEL futures and profiting over $20 million.
- A suspected bot glitch led to abnormal VOXEL trading volumes, which savvy traders exploited with high-leverage positions.
- Bitget will airdrop recovered funds to affected users and is preparing a full incident report.
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