Bitget Faces Backlash After Trading Bot Glitch Causes VOXEL Token to Skyrocket

Bitget, a leading cryptocurrency exchange, has been forced to compensate users following a trading bot malfunction that caused the price of VOXEL, the native token of Voxie Tactics on Polygon, to surge abnormally. The incident led to a 70% spike in VOXEL’s price within 24 hours, with peaks reaching up to 200%. The glitch occurred when the trading bot entered a feedback loop, artificially inflating both trading volume and price. At one point, VOXEL’s trading volume on Bitget even surpassed that of Bitcoin. The exchange has acknowledged the issue and is taking steps to reimburse affected users. Meanwhile, in other news, former U.S. President Donald Trump has urged Federal Reserve Chair Jerome Powell to consider rate cuts, and the SEC has welcomed a new crypto-friendly chair, signaling potential regulatory shifts in the digital asset space.

Bitget Forced to Compensate Users Over Accidental VOXEL Price Skyrocket

The VOXEL token, associated with Voxie Tactics on Polygon, saw a 70% spike in 24 hours and a 200% jump at its peak, driven by a Bitget trading bot glitch. The bot locked in a feedback loop, increasing volume and price to abnormal levels. Trading volume surpassed Bitcoin on Bitget, prompting the exchange to compensate users.

Bitget Daily Briefing (4.22) | Trump Urges Powell for Rate Cut, SEC Welcomes New Crypto-Friendly Chairman

Today’s highlights include Federal Reserve Vice Chair Jefferson speaking at an Economic Liquidity Summit, the release of the US Richmond Fed Manufacturing Index, and delays in the zkLink token unlock schedule. Additionally, SCR will unlock $8.69 million worth of tokens. Macro news features a plunge in US stocks, with President Trump calling on Fed Chair Powell to cut rates, labeling him a ’loser’ and asserting that inflation is minimal.