Bitget, a cryptocurrency exchange, detected "abnormal trading activity" on the VOXEL/USDT perpetual futures contract on April 20, between 8:00 to 8:30 UTC. The exchange paused accounts suspected of market manipulation following unusual volume and price movements.
According to Bitget's announcement on April 20, the exchange plans to roll back irregular trades within 24 hours and compensate users who suffered losses due to the alleged market manipulation. Bitget CEO Gracy Chen confirmed a compensation plan will be announced soon and Bitget is fully prepared to offer compensation.
Bitget has a $300 million protection fund to support users in such events, assuring that user assets remain secure. The incident has drawn comparisons to the Hyperliquid-Jelly exploit in March 2025, where a trader manipulated the price of the JELLY token, highlighting the risks associated with less liquid digital assets.