TLDR
- Bitget is suing eight accounts for exploiting a glitch and causing a $20M loss.
- A VOXEL trading bug let a group profit $20M; Bitget plans legal action.
- Bitget will refund affected users and promises a full incident report.
- Community questions Bitget’s security after a major VOXEL trading glitch.
Despite the controversy, Bitget’s user base and token (BGB) keep growing.
Cryptocurrency exchange Bitget has announced that it will initiate legal proceedings against eight accounts suspected of manipulating its VOXEL/USDT market. The exchange stated that it will issue a series of lawyer’s letters targeting individuals allegedly involved in abnormal trading activities that led to a $20 million loss. The suspected accounts to be part of a coordinated professional group focused on exploiting system vulnerabilities for financial gain.
看到有社区在讨论BG发出的律师函，我核实后，想跟大家澄清几个细节：
1、Bitget 将陆续发出8份律师函。
2、这8个账户疑似相关联的专业羊毛利益集团，是导致本次VOXEL事件的主要始作俑者，并从中不当得利超过2000万美金。
3、追回的资金，Bitget 将100% 以空投形式发放给平台用户！…— 谢家印 (@xiejiayinBitget) April 27, 2025
According to Bitget, the eight accounts collectively profited by over $20 million by leveraging a malfunction in the trading system during a specific window on April 20. Bitget’s Head of Asia, Xie Jiayin, confirmed that the platform is taking formal steps, beginning with lawyer’s letters, to recover the misappropriated funds. The recovered assets redistributed to users affected by the incident through airdrops.
Platform Responds to User Concerns and System Malfunction
Bitget clarified that users who participated in VOXEL trading and withdrew funds between 16:00 and 16:30 on April 20 will not face any liability. These users accounts were fully restored on Wednesday, and no further punitive action to be taken. Bitget committed to transparency by promising to release a comprehensive report detailing the sequence of events surrounding the VOXEL trading incident.
The trading anomaly stemmed from a glitch that caused an abnormal surge in the VOXEL token’s trading volume, surpassing even Bitcoin’s trading activity on the platform. An on-chain analyst reported that a bot malfunction caused trades to trigger repeatedly within a narrow price range, enabling some users to earn substantial profits with minimal capital. Bitget is currently focusing on recovering the lost funds and addressing the system vulnerabilities that contributed to the incident.
Community Response and Future Measures
Bitget’s handling of the VOXEL incident met with mixed reactions from the crypto community. Some users expressed dissatisfaction, questioning the platform’s decision to reverse trades and calling for greater internal accountability. Others warned against deducting funds from unaffected users, emphasizing that the platform must adhere to fair and transparent practices.
The incident has also brought scrutiny to Bitget’s hybrid custody model, with critics arguing that it poses systemic risks to users by lacking adequate safeguards. Bitget continues to grow its global user base, reporting over 100 million users and a daily trading volume of $20 billion. The exchange’s native token, BGB, has also experienced significant growth, indicating continued investor confidence.
Bitget reiterated its commitment to protecting user interests and maintaining platform integrity. As the exchange progresses with legal action and system improvements, the broader crypto community will closely monitor its efforts to resolve the situation and rebuild trust.
