Bitget will legally pursue 8 accounts suspected of profiting $20 million from VOXEL trading manipulation
Quick Take
- Crypto exchange Bitget said it will legally pursue the users behind eight accounts suspected of manipulating one of the platform’s markets, illicitly profiting $20 million as a result.
- The platform promised to return any recovered funds to platform users in the form of an airdrop.
Crypto exchange Bitget said it will legally pursue eight accounts suspected of manipulating the platform's VOXEL market, profiting $20 million as a result, as the platform continues to investigate the "abnormal trading activity" from last Sunday.
On April 20, Bitget's market for a little-known token called VOXEL, the native token of Polygon-based RPG game Voxie Tactics, suddenly surged with volume as the token's price increased by more than 500% of its value two days prior. Bitget quickly announced it would be rolling back trades made in the market during a certain time frame while investigating the "abnormal trading" activity.
While Bitget has yet to release a comprehensive post-mortem covering the incident, Bitget's Head of Asia Xie Jiayin said on X that the exchange will issue lawyer's letters to the owners of eight accounts suspected of acting as a "professional arbitrage" group to manipulate the market and profit over $20 million as a result. Typically, lawyer's letters are a prelude to more formal legal action.
"All funds that are recovered will be returned to platform users 100 percent, via an airdrop," a translation of Xie's post states. "We will release a full incident report on the VOXEL matter as soon as possible to present the complete facts."
The $20 million exploit joins a growing number of hacks and exploits in recent weeks, including the $5.8 million exploit that hit Solana DeFi platform Loopscale two weeks after launch and a $49 million loss from stablecoin neoback Infini.
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