Bitget will roll back trades, compensate users after 'abnormal' VOXEL trading activity
Quick Take
- Crypto exchange BitGet will roll back trades affecting its perpetual futures market for the VOXEL token, the native currency of Polygon-based RPG game Voxie Tactics, following “abnormal” trading activity.
- BitGet said certain accounts “potentially engaged in market manipulation,” triggering the exchange’s risk-control system, and promised an updated report in 24 hours.
Centralized cryptocurrency exchange Bitget will roll back trades and compensate users after "abnormal trading" activity in its perpetual futures market affected a little-known token, sending volume soaring to levels higher than that of bitcoin.
Early Sunday morning, traders in Bitget's perpetual futures market for VOXEL, the native token of Polygon-based RPG game Voxie Tactics, suddenly faced a surge of volume — significantly more than the 24-hour trading volume of bitcoin — as the token rose in value. VOXEL is the 723rd-largest cryptocurrency by market capitalization, according to CoinMarketCap data, and the token is up over 300% in the past week.
One X user reportedly logged six-figure profits from an investment under $100. "Bitget probably has a bug in its market-making robot," they said. Yet, with Bitget planning to roll back all trades in the market, the user's profits are likely to evaporate.
"Upon investigation, certain accounts were found to have potentially engaged in market manipulation, triggering our risk control system," Bitget said in an announcement regarding the incident. "To ensure a fair and secure trading environment, Bitget will initiate a rollback of irregular trades within 24 hours...[for users who] incurred losses during this period, a compensation plan will be offered."
A Bitget spokesperson said on X the exchange is still investigating the incident, and will provide an update within 24 hours. Voxie Tactics could not be immediately reached for comment by The Block.
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