Crypto Exchange Bitget Seeks Damages After VOXEL Trading Glitch
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Bitget is taking legal action after uncovering a coordinated exploit that cost the exchange over $20 million.
According to executive Xie Jiayin, eight users allegedly formed a professional group that manipulated a system flaw tied to the VOXEL token.
The glitch, which occurred on April 20, caused VOXEL’s price to skyrocket over 200%, sending daily trading volume to nearly $13 billion — briefly surpassing Bitcoin’s activity on the platform.
Industry observers noted that some traders made outsized profits with investments as small as $100.
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In response, Bitget froze suspicious accounts, reversed transactions linked to the exploit, and pledged to redistribute any recovered funds to impacted users through an airdrop.
Legitimate VOXEL traders who operated between 16:00 and 16:30 UTC that day were assured their withdrawals would not be affected.
While Bitget hasn’t shared identities or detailed evidence yet, it plans to release a full report to explain the incident and restore user confidence. Meanwhile, VOXEL’s surge quickly faded; the token was last reported down 2%, trading around $0.07.
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