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Bitget VOXEL Futures Manipulation April 2026

avoid.net/bitget-voxel-futures-manipulation-april-2026→28/100·82% conf.
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Summary

On April 20, 2025, Bitget's VOXEL/USDT perpetual futures market experienced severe price and volume anomalies reportedly triggered by a malfunction in the exchange's proprietary market-making bot. Eight accounts allegedly exploited the bot's predictable trade pattern to extract profits exceeding $20 million from a roughly $100 million impact event before Bitget froze accounts and unilaterally reversed completed trades. The rollback drew widespread criticism, in part because Bitget CEO Gracy Chen had publicly condemned competitor Hyperliquid for conducting a structurally similar trade reversal just weeks earlier.

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    Timeline(6 events)

    2025-03-26

    Bitget CEO Gracy Chen publicly criticized Hyperliquid for delisting the JELLY perpetual contract and force-settling positions during a manipulation event, writing that the action sets a dangerous precedent and that trust — not capital — is the foundation of any exchange.

    CoinTelegraph

    2025-04-20

    Between 08:00 and 08:30 UTC, abnormal trading activity erupted on Bitget's VOXEL/USDT perpetual futures contract. Trading volume reached $12.72 billion in 24 hours, exceeding Bitcoin's perpetual volume on the platform. VOXEL price rose over 138% intraday. Bitget's market-making bot allegedly entered a degenerate execution loop between $0.125 and $0.138.

    Bitget Official Support Notice

    2025-04-20

    Bitget froze accounts suspected of market manipulation, suspending trading, deposit, and withdrawal access. CEO Gracy Chen told CoinTelegraph that user funds were fully secure and pledged compensation from the exchange's $300 million protection fund.

    CoinTelegraph

    2025-04-21

    Bitget announced it would roll back irregular trades within 24 hours and initiate a compensation plan for users who suffered losses during the 08:00–08:30 UTC window on April 20.

    The Block

    2025-04-22

    Bitget stated that transaction rollbacks and account recoveries were basically completed and that compensation for affected users was underway.

    CryptoSlate

    2025-04-27

    Xie Jiayin, Bitget's head of Chinese operations, announced the exchange would issue lawyer's letters to eight accounts identified as the primary instigators. Bitget alleged the group improperly profited over $20 million and pledged to distribute 100% of any recovered funds via airdrop to affected users.

    The Block; CoinTelegraph
    Provenance & Audit Trail
    11 Wayback Archives

    Decision Log

    • #1publish⛓ pending8/19/2026, 11:08:38 PM
      hash: 6Zo9y77PdQxaCjsT6vqUXiR95gqn9Tf8n93Qx364qqQb

    11 of 18 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 8/19/2026, 11:08:31 PM

    last updated: 8/20/2026, 12:35:46 AM

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