Bitget VOXEL Futures Manipulation April 2025
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anchored·48XjNU…BwfKSummary
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
6 entities · 60 linked investigations- Hyperliquid→mentioned with→JELLY(70%)
- Bitget VOXEL Futures Manipulation April 2025→mentioned with→Hyperliquid(70%)
- Bitget VOXEL Futures Manipulation April 2025→mentioned with→Bitcoin(65%)
- Bitget VOXEL Futures Manipulation April 2025→mentioned with→JELLY(70%)
- Bitget VOXEL Futures Manipulation April 2025→mentioned with→Bitget(70%)
- JELLY→mentioned with→Bitget(60%)
- JELLY→mentioned with→Hyperliquid(80%)
- Bitget→mentioned with→Bitcoin(60%)
- Bitget VOXEL Futures Manipulation April 2025→mentioned with→Cointelegraph(70%)
Connected Through
5 shared actors · 620 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- ♦Bitcointoken
- □Bitgetorganization
- ♦Cointelegraphtoken
- □Hyperliquidorganization
Timeline(6 events)
March 2025
Hyperliquid delists the JELLY token perpetual contract and force-settles positions following alleged manipulation, drawing industry attention to exchange intervention precedents.
CoinTelegraph7 April 2025
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 News20 April 2025
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 Block20 April 2025
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.
CoinTelegraph22 April 2025
Bitget announces that transaction rollbacks and account recoveries are 'basically completed' and that compensation for users who incurred losses is underway.
CryptoSlate27 April 2025
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
- slot 443511800 · hash 32GbY6WsX7P6MyXtX2aSgyZd6oxyfTQF7b8d7BEcjPmB
- slot 443511792 · hash 5kfkfFhVHQ4v7C7ymS4cZSjfFNdSR8kmBVGc4nTqRou8
- slot 443509541 · hash G3QvKfUKbmBj9gmhQyH24QJwoNh8Ki1DfXWQNoyUC6oM
This investigation is cryptographically anchored to the Solana blockchain (3 decisions). 13 of 18 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 8/19/2026, 5:04:46 PM
last updated: 8/25/2026, 4:06:10 AM
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