Bitget VOXEL Futures Manipulation April 2025
Summary
On April 20, 2025, eight accounts allegedly exploited a suspected flaw in Bitget's internal market-making bot during a 30-minute window, generating over $20 million in profits from anomalous price oscillations in the VOXEL/USDT perpetual futures market. Bitget unilaterally rolled back the affected trades within 24 hours and announced legal action against the eight accounts, while committing to compensate impacted users from recovered funds via airdrop. The incident drew particular scrutiny because Bitget's CEO had publicly criticized competitor Hyperliquid weeks earlier for conducting a similar trade reversal, creating a widely noted inconsistency.
Connected Entities
1 entities · 10 linked investigationsTimeline(6 events)
2025-03-01
Hyperliquid delists the JELLY token perpetual contract and force-settles positions following alleged manipulation, drawing industry attention to exchange intervention precedents.
CoinTelegraph2025-04-07
Bitget CEO Gracy Chen publicly criticizes Hyperliquid's JELLY handling, reportedly calling it 'immature, unethical, and unprofessional' and describing Hyperliquid as a 'fake DEX' posing 'FTX 2.0' risks.
Crypto Adventure / Rekt News2025-04-20
Between 08:00 and 08:30 UTC, the VOXEL/USDT perpetual futures market on Bitget exhibits extreme price anomalies. VOXEL surges 130–200% in 30 minutes. Trading volume reaches $12.7 billion, exceeding Bitcoin's volume on the platform. Eight accounts allegedly extract over $20 million by exploiting the suspected market-maker bot flaw. Bitget freezes suspicious accounts and suspends the market.
CoinTelegraph / Bitget Official / The Block2025-04-20
Bitget CEO Gracy Chen tells CoinTelegraph that 'the trades were between individual market participants and not the platform itself' and that 'losses are not platform-wide and user funds remain safe.' Bitget announces it will roll back affected trades within 24 hours and activate its $300 million protection fund.
CoinTelegraph2025-04-22
Bitget announces that transaction rollbacks and account recoveries are 'basically completed' and that compensation for users who incurred losses is underway.
CryptoSlate2025-04-27
Xie Jiayin, Bitget's head of Chinese operations, announces via X that the exchange's legal team will send letters to the eight implicated accounts 'in quick succession.' Bitget pledges to distribute 100% of recovered funds to affected users via airdrop.
CoinTelegraph / The BlockDecision Log
- #1publish⛓ pending8/19/2026, 5:04:59 PMhash: G3QvKfUKbmBj9gmhQyH24QJwoNh8Ki1DfXWQNoyUC6oM
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model: claude-sonnet-4-6
generated: 8/19/2026, 5:04:46 PM
last updated: 8/20/2026, 12:35:46 AM
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