Bitget Investigates Abnormal Activity in VOXEL/USDT Futures, Plans Compensation

Crypto exchange Bitget has launched an investigation into suspicious trading behavior in its VOXEL/USDT perpetual futures market, between 8:00 and 8:30 am UTC on April 20. The platform quickly flagged the anomaly and took immediate action by freezing the accounts involved, citing signs of possible market manipulation.

The exchange emphasized that these actions were carried out by a small group of traders and did not originate from Bitget itself. In response to the irregularity, Bitget announced it would cancel the trades associated with the manipulation within the next 24 hours to protect its users.

Gracy Chen, Bitget’s managing director, took to social media to clarify the platform’s position. She assured users that Bitget is not responsible for the exploit and that all customer assets are safe. 

Additionally, the Bitget CEO revealed that the exchange will provide compensation for users who suffered losses due to the incident.

“For any residual losses, Bitget is fully prepared to offer compensation. Our $300 million protection fund provides more than sufficient backing to support our users in such events, assuring that user assets remain secure.”

This latest situation follows a similar controversy in March involving the Hyperliquid exchange, which delisted JELLY memecoin perpetual futures after a sudden price jump, sparking accusations of price manipulation and user backlash. 

At the time, Bitget CEO Gracy Chen was among the most vocal critics of Hyperliquid, slamming the exchange for delisting Jelly and causing financial losses for users.