Bitget Hammers Eight Accounts in $20M VOXEL Wash Trading Crackdown

Bitget just threw the legal book at eight accounts accused of manipulating $20M in VOXEL trades—because nothing says ’decentralized finance’ like exchange cops chasing market abusers.

The exchange claims these accounts engaged in coordinated wash trading, artificially inflating volumes for the gaming token. Classic crypto: where the house always wins, even when it’s supposedly trustless.

Watch for the usual cycle: loud enforcement action now, radio silence on case outcomes later. Meanwhile, VOXEL holders get front-row seats to the volatility circus.

VOXEL’s Sudden Spike Prompts Bitget to Investigate Trading Irregularities

On April 20, VOXEL surged by more than 200% in just 30 minutes on Bitget, climbing to $0.1645 before retreating to $0.09131, still around 40% higher than its earlier price.

The cryptocurrency exchange Bitget said it would issue eight lawyers’ letters, saying they were the main instigators of the VOXEL incident and had gained more than $20 million from it. Bitget will distribute 100% of the recovered funds to platform users in the form of airdrops.… https://t.co/idxkaqbk3k

Bitget flagged the abnormal activity in VOXEL/USDT perpetual futures trading shortly after it occurred. Soon after, the exchange noted suspicious volumes and wild price swings. As a result, it moved quickly to suspend certain accounts from trading, depositing, and withdrawing.

Although Bitget claims that most users were not affected, it has yet to disclose who was behind the activity. Moreover, it remains unclear whether internal technical flaws contributed to the situation.

Traders Question Bitget’s Systems After VOXEL Trading Turmoil

The crypto sector has witnessed several high-profile exploits in recent years. Hackers and market manipulators have often exploited weak liquidity, smart contract bugs or flawed trading algorithms. As a result, security concerns across exchanges have continued to grow.

In Bitget’s case, some traders have suggested that the platform’s market-making technology may have malfunctioned. However, no official explanation has been confirmed yet.

Following the incident, comparisons quickly surfaced online. Some users likened Bitget’s actions to casinos suing players for winning. Nevertheless, Bitget maintains that the accounts in question engaged in manipulation, not legitimate trading.

The exchange said it will publish a full report on the VOXEL incident soon. Meanwhile, the eight targeted accounts remain suspended as legal proceedings move forward.