On April 20, 2025, Bitget identified abnormal trading activity in the VOXEL/USDT perpetual futures contract between 8:00 and 8:30 UTC. The unusual surge in volume and price fluctuations prompted Bitget to intervene promptly by pausing accounts suspected of manipulating the market and halting their trading, deposit, and withdrawal functions to protect the market's integrity.

Immediate Measures

Bitget announced it will roll back the irregular trades executed by these accounts within 24 hours, clawing back any illicit gains made during the episode. This decisive rollback aims to restore fairness and stability to the affected market segment. According to Bitget CEO Gracy Chen, the suspicious trades were conducted between individual market participants and did not involve the platform itself, ensuring that the incident was not a systemic exploit or breach.

Compensation for Affected Users

In a move to support users who suffered losses due to this manipulation, Bitget has committed to a comprehensive compensation plan. Users impacted by the abnormal trading activity on the VOXE-LUSDT contract during the specified timeframe are encouraged to contact Bitget’s official support and submit claims for reimbursement. Chen emphasized that Bitget’s $300 million protection fund provides ample backing to cover residual losses, reinforcing the exchange’s commitment to safeguarding user assets.

Funds Remain Secure for All Users

Bitget reassured the broader user base that funds remain secure and unaffected by this incident. The exchange continues to prioritize user security and market fairness, pledging to enhance its risk control systems and implement additional safeguards to prevent similar occurrences in the future.

Industry Impact

This event has drawn comparisons to the Hyperliquid-Jelly exploit in March 2025, where a trader manipulated the JELLY token price, leading to a 400% spike and subsequent delisting. Unlike Hyperliquid’s controversial forced contract settlements, Bitget has been proactive in addressing the issue transparently, with CEO Gracy Chen previously criticizing such forced settlements as undermining trust in exchanges.

Bitget’s swift response, including pausing suspicious accounts, rolling back trades, and offering compensation, underscores its dedication to maintaining a fair and secure trading environment. The exchange’s transparent communication and readiness to protect users’ interests set a strong precedent in the crypto industry, especially amid increasing scrutiny over market manipulation and electronic trading anomalies.