Bitget Probes Suspicious VOXEL Surge, Promises Compensation for Affected Users
On April 20, crypto exchange Bitget flagged what it described as suspicious trading behavior linked to the VOXEL/USDT perpetual futures pair.
The activity, which occurred within a 30-minute window, led to an internal investigation and a freeze on several accounts believed to be involved in potential market manipulation.
Bitget has announced it will reverse profits gained through the questionable trades within the next 24 hours. The move is part of a broader corrective effort as the platform seeks to maintain integrity in its derivatives market.
Speaking to Cointelegraph, CEO Gracy Chen emphasized that the issue stemmed from individual traders, not any fault in the exchange’s infrastructure. She clarified that there was no risk to customer funds and that the situation did not pose a systemic threat to the platform.
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To support affected users, Bitget plans to issue compensation and will soon release details outlining how impacted traders will be reimbursed. Chen said that their $300 million protection fund will be used if necessary, ensuring full coverage for any remaining user losses.
The VOXEL contract in question experienced a dramatic price surge—climbing over 138% in a single day—raising concerns among the trading community. The event has sparked debate over how crypto exchanges should respond to abnormal trading patterns, drawing comparisons to past incidents like the Hyperliquid-Jelly exploit from March 2025.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
