Bitget Takes Legal Action Over Alleged $20M Manipulation of Gaming Tokens
Bitget is pursuing legal action against eight accounts for allegedly manipulating VOXEL token trading, resulting in over $20 million in profits during a trading surge on April 20. Legal letters have been dispatched to these accounts, suspected to be part of a "professional arbitrage group." Bitget plans to distribute any recovered funds to users via an airdrop. The price of VOXEL surged by over 560% within 48 hours, rising from $0.021 to $0.139, but has since fallen to $0.074. The exchange identified "abnormal activity" in VOXEL/USDT perpetual futures trading, leading to temporary suspensions of certain accounts. A complete report on the incident is forthcoming. Concerns have been raised about potential malfunctions in Bitget's market-making technology. Comparisons have been made to casinos suing winning gamblers. Bitget CEO criticized the response of DEX Hyperliquid to exploitation issues, warning of reputational risks. Bitget claims all major market makers are settled with them but has not disclosed their identities.
