Bitget Rolls Back Accounts After VOXEL-USDT Futures Irregularity

On April 20th, between 8:00 and 8:30 UST, cryptocurrency exchange Bitget identified unusual trading activity on its VOXEL/USDT perpetual futures contract. Suspecting market manipulation, Bitget swiftly paused the accounts involved.

According to a Bitget announcement, the exchange is rolling back affected accounts within 24 hours, recovering any profits gained from these suspicious trades. Bitget CEO Gracy Chen confirmed to Cointelegraph that the irregular activity involved individual traders, not the platform itself, and assured users that their funds remain secure.

Bitget intends to compensate users for losses incurred due to the alleged manipulation and will soon release details of the compensation plan. Chen stated, \”For any residual losses, Bitget is fully prepared to offer compensation. Our $300 million protection fund provides more than sufficient backing to support our users in such events, assuring that user assets remain secure.\”

This event raises concerns about exchanges’ responsibilities during periods of abnormal trading. Some have drawn parallels between Bitget’s situation and the Hyperliquid-Jelly exploit from March 2025. Chen, a vocal critic of Hyperliquid’s handling of the JELLY incident, emphasized the importance of trust and transparency in the crypto market.

Bitget’s proactive measures and commitment to user compensation underscore their dedication to maintaining a secure and reliable trading environment. Further updates on the situation and compensation plan will be released by Bitget.