Bitget Targets 8 Accounts Over $20M VOXEL Market Manipulation

Bitget, a popular cryptocurrency exchange, plans to sue eight accounts it blames for a clever trick with the VOXEL token. This trick made them over $20 million unfairly. The trouble started on April 20, 2025, when strange trading spiked the token‘s price and volume wildly. Now, Bitget is stepping up to fix things and keep its users’ trust.

VOXEL is a small cryptocurrency linked to a game called Voxie Tactics, built on Polygon. It‘s not a big name—sitting outside the top 700 coins by size. But on that April day, its trading volume on Bitget’s VOXEL/USDT futures market hit $12.7 billion. That‘s way more than Bitcoin’s $4.76 billion on the same site. In just two days, VOXELs price jumped over 500%, which made Bitget suspicious.

To stop the mess, Bitget paused trading, locked the shady accounts, and undid trades from 8:00 to 8:30 UTC. They found out these accounts worked together, using a glitch in Bitgets trading system. The glitch lets trades repeat between $0.125 and $0.138. Some smart traders turned $100 into huge profits—like six figures—in minutes because of this.

Xie Jiayin, Bitget‘s Asia boss, said they’ll send lawyer letters to these accounts. This could mean a big lawsuit is coming. Bitget also promised to give back any money they recover to users through airdrops, showing they care about fairness.

The crypto world has mixed feelings about this. Some people like that Bitget acted fast. Others think undoing trades and settling contracts cheaply hurt regular traders. A few point fingers at Bitgets setup—using its own trading system and no outside helpers. They say this made the problem possible.

One expert called Bitget‘s system a “big weak spot,” hinting it might not be safe or fair enough. Bitget says it’ll share a full report soon, explaining what went wrong and why. Theyll also pay back users who lost money, using a $300 million safety fund they keep for emergencies.

Even with this hiccup, Bitget is a giant in crypto. It has over 100 million users and moves $20 billion in trades daily. This VOXEL mess is a bump in the road, but its part of bigger worries in the crypto scene—like keeping markets honest and following rules.

What happens next could change how crypto exchanges deal with tricks and tech slip-ups. Bitgets choices might set an example for others in the Web3 and crypto space. As laws catch up, this case could shape the future.