On April 20, 2025, Gaming Token Voxel experienced a surge of over 200% within 30 minutes, becoming the most traded token on Bitget, with daily trading volume of $12.7 billion, and more than $4.766 billion, double the same platform’s Bitcoin. The spikes that occurred between 8am and 8:30am were associated with suspected trading bot errors, including Boxel/USDT permanent futures contracts, and market manipulation.
Users have noticed that Voxels are being traded repeatedly within a narrow range of $0.125 to $0.138. Some used the activity to make money in the six-figure range by spending just $100. The price surged to $0.1645 and then fell to $0.09131, which was still 40% higher than the previous value. BitGet I responded By freezing certain accounts, suspending trading activities for Voxel/USDT contracts and initiating internal reviews.
Bitget said its risk control system has been activated due to suspicious activity and has since promised a full investigation. The platform said trading, deposits and withdrawals in affected accounts will resume within 24 hours. The company argued that the event was not caused by exploitation or violations of the system, but has pledged to compensate users who suffered losses during the incident. Bitget CEO Gracy Chen emphasized using a $300 million protection fund to cover losses, highlighting the curbs of profits that can be obtained from suspected manipulation.
The incident was compared to a similar event in March on a high lipid platform that contains jelly tokens. In that case, the traders manipulated long/short positions, causing a 400% spike, and the token was deprecated from the platform.
Bitget CEO had before It was criticized The move warns of the dangers of forced resolution of contracts.
The exchange attributed this event to a user-triggered action rather than an internal failure. According to a spokesperson, the accounts involved in the activity are run by individual traders and are not affiliated with Bitget. The platform is currently working to roll back these transactions. Despite Bitget’s guarantees, some traders criticized this response. One user condemned the exchange of unethical treatment of the situation and questioned its transparency. The platform’s decision to forcefully resolve contracts at a price that is unfavourable to some users has caused further complaints.
