Bitget’s $12B VOXEL frenzy fizzled fast, but questions remain
On April 20, Bitget's VOXEL/USDT perpetual futures trading pair experienced over $12 billion in volume, significantly surpassing Binance's metrics. Traders reported instant order fills attributed to a suspected bug in a market maker bot, leading to rapid price fluctuations. Bitget suspended accounts suspected of manipulation and rolled back irregular trades, offering compensation to affected traders. The incident raised concerns about exchange practices and market maker transparency. Bitget's CEO stated that suspicious trades were between users, not the platform. Similar market manipulation issues have occurred on Binance, prompting investigations and the removal of implicated market makers. The broader cryptocurrency industry faces scrutiny over market integrity, with both centralized and decentralized exchanges experiencing vulnerabilities.
