Bitget has decided to pursue legal measures against eight suspect accounts that artificially inflated the price of the VOXEL token, causing abnormal price spikes and market volatility.
Jiayin Xie, who heads Asia for the exchange, disclosed on X’s April 27 post that Bitget intends to send out eight official letters. These letters are aimed at individuals under suspicion for illicitly acquiring over $20 million in connection with the incident. Xie emphasized that if any funds are recovered through legal action, Bitget will allocate 100% of these funds back to the platform’s users via airdrops.
Upon noticing a community discussion about the lawyer’s letter issued by BG, I have verified the details and would like to clarify a few points for everyone:
1. BG will release 8 attorney letters successively.
2. The eight accounts suspected of being linked to a professional fur farming profit group are the main instigators of this VOXEL event, illegally profiting over $2000 million from it.
3. The recovered funds will be distributed entirely in an airdrop format to platform users!…— 谢家印 (@xiejiayinBitget) April 27, 2025
He guaranteed the community that individuals who exchanged VOXEL between 4 PM and 4:30 PM on April 20, but had previously withdrawn their funds, would not encounter any consequences. These accounts have been reactivated, and no additional responsibility will be levied against them.
Furthermore, Xie apologized for any trouble caused and promised to provide a detailed update soon, aiming to clarify the current state of affairs more clearly.
On April 20th, an extraordinary event took place as the value of VOXEL soared by over 200% within just half an hour. During this rapid increase, VOXEL momentarily surpassed Bitcoin in terms of daily trading volume on Bitget. This surge in price occurred from around $0.125 to approximately $0.1645, and it seemed that trades were executed outside the typical order book process.
The issue occurred due to a presumed glitch in Bitget’s market-making robot, leading to significant price fluctuations and immediate order executions that some traders exploited for large gains. In reaction, Bitget temporarily halted trading on the VOXEL/USDT contract and froze accounts engaged in unusual trading behaviors.
Bitget has declared that they will undo any unusual trades and refund affected users who suffered losses during this occurrence. Although the system asserts that the issue was not caused by an internal problem or breach, they have yet to disclose the culprits behind it.
In reference to a price manipulation case on Hyperliquid with the JELLY token in March, similarities have been noted. Bitget’s CEO, Gracy Chen, has expressed disapproval of how Hyperliquid handled the situation. After the VOXEL incident, Chen has faced accusations of hypocrisy from critics.
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2025-04-28 08:50