Michaela
Crypto exchange Bitget has announced it is taking legal action and sending formal letters to eight users it alleges have manipulated the VOXEL token perpetual futures prices.
In a post on X, Bitget’s head of Chinese operations, Xie Jiayin, announced that the exchange has begun issuing legal notices to eight users accused of manipulating trades and collectively profiting $20 million during the VOXEL futures incident on April 20.
“Except for these 8 accounts, all other users who participated in VOXEL trading between 16:00-16:30 on April 20 and have withdrawn funds do not need to worry! The accounts have been restored to normal on Wednesday, and no responsibility will be pursued in the future,” Xie wrote in a translated post on X.
Bitget initially raised alarms over “abnormal trading activity” involving the VOXEL/USDT perpetual futures pair on April 20, after trading volume spiked to over $12 billion—an amount significantly exceeding activity levels on rival platforms such as Binance.
In response, the exchange temporarily froze multiple accounts suspected of market manipulation and later reversed irregular trades in an effort to safeguard platform integrity and recover misappropriated funds.
Bitget has confirmed that an internal investigation into the underlying cause of the trading irregularities remains ongoing. “We will release a complete accident report on the VOXEL incident as soon as possible to restore the truth of the incident,” Xie wrote.
The broader crypto community is watching closely to see how the exchange addresses future risks tied to leveraged products and trading transparency.
The incident emphasizes growing concerns around market manipulation, especially in the volatile world of perpetual futures. While the platform has taken swift action by identifying key accounts and reversing questionable trades, questions remain about internal safeguards and the effectiveness of current surveillance systems.
Analysts suggest that increased oversight, better bot detection, and real-time risk management could help prevent similar occurrences. Meanwhile, Bitget’s legal action signals a firmer stance on trading integrity as exchanges face heightened pressure to maintain trust among users.
Read More
- ProShares XRP Futures ETFs Set for April 30 Debut, SEC Approves
- 150 Billion Stolen Shiba Inu Tokens from Bitrue Hack Swapped, Laundered
- Investors Sue Nike for $5M Over Alleged RTFKT NFT Project Abandonment
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
