Catenaa, Wednesday, May 07, 2025-Crypto exchange Bitget has announced plans to take legal action against eight accounts suspected of manipulating the platform’s VOXEL market, profiting $20 million in the process.
The alleged market manipulation occurred on April 20, when the price of VOXEL, the token tied to the Polygon-based game Voxie Tactics, surged by more than 500%.
Bitget swiftly rolled back trades made during the period of abnormal trading activity while launching an investigation. According to Bitget’s Head of Asia, Xie Jiayin, the exchange will send legal letters to the account owners, who are believed to have manipulated the market as part of a “professional arbitrage” operation. The legal letters are a precursor to formal legal proceedings.
“All recovered funds will be returned to platform users 100 percent, via an airdrop,” said Xie on X.
Bitget also promised to release a full report on the incident once the investigation is complete.
This incident follows a series of exploits in the crypto space, including the recent $5.8 million exploit on the Solana-based DeFi platform Loopscale and a $49 million loss related to the Infini stablecoin.
Bitget has made it clear that it is committed to addressing market manipulation and ensuring users’ funds are protected.
