Crypto exchange Bitget has announced it will reverse trades linked to abnormal market behavior involving VOXEL perpetual futures. The decision follows a weekend trading frenzy that saw VOXEL’s volume briefly surpass Bitcoin’s on the platform—an anomaly for the relatively obscure token.
📉 Bitget will roll back trades and compensate users after abnormal trading activity in the VOXEL market.
— Blockchain Bulletin (@thebbcrypto) April 21, 2025
What’s happening:
– Sudden $VOXEL price swings triggered mass liquidations
– Root cause: large leveraged trades creating a cascading effect
– #Bitget to reverse impacted…
VOXEL, the native token of blockchain game Voxie Tactics, experienced a staggering 300% gain over the past week. The sudden surge in futures activity triggered internal risk alerts at Bitget, prompting an investigation into potential market manipulation.
Manipulation Suspected as Trades Spark Alarms
Bitget’s investigation identified unusual trading patterns tied to specific user accounts, with rapid price fluctuations suggesting coordinated manipulation. These trades reportedly exploited VOXEL’s low liquidity to drive extreme price swings—disrupting the market and raising red flags.
In response, Bitget has frozen deposits, withdrawals, and trading access for the implicated accounts. The exchange assured users that broader platform security remains intact and that unaffected accounts face no disruptions.
Trade Reversals and User Compensation Announced
To mitigate the damage, Bitget confirmed it will unwind all VOXEL futures trades connected to the irregular activity. Impacted users will receive compensation, though the platform has yet to disclose the extent of losses or the number of accounts involved. A timeline for the completion of reversals has not been provided.
Spotlight on Low-Cap Token Risks
VOXEL’s unexpected volume spike highlights the inherent risks of trading low-cap assets with leveraged instruments. Despite growing interest from gamers and crypto enthusiasts, VOXEL lacks the liquidity and stability of larger tokens—making it susceptible to manipulation.
Also Read: AB DAO and Bitget Launch Dual Reward Campaign, Distributing $2.6M Worth of $AB Globally
This incident underscores the need for tighter oversight of futures markets, especially when listing emerging tokens. Bitget’s swift intervention signals a proactive stance on market integrity and user protection.
By reversing questionable trades and pledging compensation, Bitget aims to reassure its user base and maintain credibility amid growing scrutiny of exchange practices. As the platform continues monitoring for anomalies, the VOXEL case serves as a reminder of the volatile nature of crypto futures trading.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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