Crypto exchange Bitget said it will legally pursue eight accounts suspected of manipulating the platform’s VOXEL market, profiting $20 million as a result, as the platform continues to investigate the “abnormal trading activity” from last Sunday.
On April 20, Bitget’s market for a little-known token called VOXEL, the native token of Polygon-based RPG game Voxie Tactics, suddenly surged with volume as the token’s price increased by more than 500% of its value two days prior. Bitget quickly announced it would be rolling back trades made in the market during a certain time frame while investigating the “abnormal trading” activity.
While Bitget has yet to release a comprehensive post-mortem covering the incident, Bitget’s Head of Asia Xie Jiayin said on X that the exchange will issue lawyer’s letters to the owners of eight accounts suspected of acting as a “professional arbitrage” group to manipulate the market and profit over $20 million as a result. Typically, lawyer’s letters are a prelude to more formal legal action.
“All funds that are recovered will be returned to platform users 100 percent, via an airdrop,” a translation of Xie’s post states. “We will release a full incident report on the VOXEL matter as soon as possible to present the complete facts.”
The $20 million exploit joins a growing number of hacks and exploits in recent weeks, including the $5.8 million exploit that hit Solana DeFi platform Loopscale two weeks after launch and a $49 million loss from stablecoin neoback Infini.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
