Bitget detects irregularity in VOXEL-USDT futures, rolls back accounts
Bitget identified "abnormal trading activity" on the VOXEL/USDT perpetual futures contract on April 20, prompting the suspension of accounts suspected of market manipulation. The exchange plans to roll back these accounts within 24 hours, reclaiming profits from the trades. CEO Gracy Chen stated that the trades involved individual participants and assured that user funds are secure. Bitget will compensate users who incurred losses due to the manipulation, with a compensation plan to be announced. The exchange has a $300 million protection fund to support affected users. This incident raises questions about exchanges' responsibilities during trading irregularities, drawing comparisons to the Hyperliquid-Jelly exploit in March 2025, which resulted in significant market disruptions and community backlash. Chen previously criticized Hyperliquid for its handling of the JELLY market, emphasizing the importance of trust in exchanges.
