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Bitget reported abnormal trading activity in its VOXELUSDT perpetual futures market on April 20th, which prompted the crypto exchange to suspend several accounts and initiate a rollback of trades.
According to an official announcement, the irregular activity occurred between 8:00 and 8:30 UTC and involved unusual price spikes and trading volume that far exceeded typical levels and even surpassed the 24-hour volume of Bitcoin.
VOXEL Turmoil
Bitget stated that an internal investigation revealed potential market manipulation by certain accounts, which have since been temporarily restricted from trading, deposits, and withdrawals. The exchange clarified that all other user accounts remain unaffected and that all funds are secure.
VOXEL, the native token of the Polygon-based game Voxie Tactics, saw a sharp price increase during the event. The token, currently ranked 787th by market capitalization, has already gained more than 300% over the past week.
The sudden spike in activity on Bitget fueled speculation on social media, with one user claiming to have turned an investment of less than $100 into six-figure profits. The same user suggested the surge could be linked to a malfunction in the exchange’s market-making system, though the exchange has not confirmed any technical faults.
Bitget announced it will roll back all irregular VOXELUSDT trades within 24 hours and will offer compensation to users who experienced losses during the affected period. The exchange said it will also take further measures to stabilize trading operations and prevent similar incidents in the future.
Echoes of Hyperliquid-JELLY Controversy Emerge
The Bitget VOXELUSDT trading incident has reignited debate over the responsibilities of centralized exchanges during times of abnormal trading activity and technical glitches. Some traders have drawn comparisons to the Hyperliquid-JELLY case from March 2025, where manipulation of the meme coin JELLY led to massive liquidations.
In that case, Hyperliquid responded by delisting the token’s perpetual contracts, which triggered backlash from the crypto community. Interestingly, Bitget CEO Gracy Chen criticized Hyperliquid’s decision at the time, and even warned that such actions could undermine trust in exchanges. Now, Bitget faces similar scrutiny as it moves to roll back trades and compensate affected users.
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