Briefly,
- Bitget is pursuing legal action against eight accounts linked to a "professional arbitrage group."
- The VOXEL market surge has raised suspicions about possible manipulation.
- This incident has raised new concerns about the integrity of markets and risk control in this industry.
Bitget has filed a lawsuit against eight users it claims manipulated the VOXEL token trading, resulting in a profit of more than 20 million dollars during heightened trading activity on April 20.
Jiayin Yie, Bitget’s Chinese Representative, told reporters on X Sunday that legal letters had been sent to the accounts, believed to be part of a "professional arbitrage group."
Victoria, Seychelles-headquartered Bitget said it will distribute all recovered funds to its users through an airdrop.
The announcement follows an episode last week when the price of VOXEL—the native token of Polygon-based game Voxie Tactics—exploded in volume.
Price increased by over 560% in 48 hours, from $0.021 – $0.139. According to, it is currently trading for $0.074. CoinGeckoSince the incident, s a 47% drop.
Bitget flagged "abnormal activity" in VOXEL/USDT perpetual futures trading, noting suspicious volumes and price swings. During this time, certain accounts were suspended for trading, withdrawing money, or depositing.
Bitget has said that most of its users weren’t affected, but the exchange is yet to reveal who was responsible for the incident or the technical problems which allowed it. “We’ll release a full report about the VOXEL event as soon as we can,” Xie said.
Crypto traders pointed out that X is a cryptocurrency. suspected malfunction in Bitget’s market-making technology. Other companies made Comparisons Between casinos and gamblers suing each other for winning the Jackpot.
Chinese accounts are also available Share This Article A post from Bitget CEO Gracey Chan that Slammed the response of the DEX Hyperliquid to being exploited as "immature, unethical, and unprofessional," warning it risked becoming "FTX 2.0."
Hyperliquid’s JELLY permanent futures were delisted in March after an illegal liquidation. Binance has also expelled recent two market-makers who are linked to the price crash of GPS, SHELL and MOVE tokens.
Xie ????????????????????????????????????????????????????????????????????????????????????????????? Bitget claims that “all major market makers around the globe have settled in Bitget”, but refuses to divulge who these market makers are, for reasons of confidentiality.
Bitget didn’t immediately reply to an inquiry for comment.
Sebastian Sinclair edited the book
