Bitget Punishes Accounts in $20M VOXEL Scandal

Gracy Chen and Xie Jiayin of Bitget have addressed the VOXEL manipulation incident where eight accounts extracted $20 million through alleged market manipulation on April 20, 2025.

The event highlights the vulnerabilities in trading platforms, impacting market trust and resulting in increased scrutiny of Bitget’s trading protocols.

Bitget identified eight accounts as responsible for VOXEL manipulation, taking swift action by sending legal notices and conducting a review. They claim these users exploited a technical glitch for illicit gains.

“These eight accounts are the main instigators of the VOXEL incident and have improperly gained more than 20 million US dollars from it.” – Xie Jiayin, Head of Bitget China, as cited in source

The incident led to a significant increase in VOXEL’s trading volume, briefly surpassing Bitcoin and causing a temporary price surge above 200%. Bitget froze suspicious accounts and initiated compensation processes.

Bitget’s response includes distributing recovered assets through airdrops to affected users. They committed to enhancing market surveillance and risk processes to prevent future exploits. As Gracy Chen, CEO of Bitget, mentioned, “Bitget is enhancing its market surveillance and risk control processes to avoid similar exploits in the future”: source.

Market analysts expect regulatory examinations could follow given the severity and scale. Historical data suggests manipulated tokens may face reputational challenges, although Bitget’s measures aim to restore user confidence.