Bitget will roll back trades, compensate users after ‘abnormal’ VOXEL trading activity

Centralized cryptocurrency exchange Bitget will roll back trades and compensate users after "abnormal trading" activity in its perpetual futures market affected a little-known token, sending volume soaring to levels higher than that of bitcoin. Early Sunday morning, traders in Bitget's perpetual futures market for VOXEL, the native token of Polygon-based RPG game Voxie Tactics, suddenly faced a surge of volume — significantly more than the 24-hour trading volume of bitcoin — as the token rose in value. VOXEL is the 723rd-largest cryptocurrency by market capitalization, according to CoinMarketCap data, and the token is up over 300% in the past week. One X user reportedly logged six-figure profits from an investment under $100. "Bitget probably has a bug in its market-making robot," they said. Yet, with Bitget planning to roll back all trades in the market, the user's profits are likely to evaporate. "Upon investigation, certain accounts were found to have potentially engaged in market manipulation, triggering our risk control system," Bitget said in an announcement regarding the incident. "To ensure a fair and secure trading environment, Bitget will initiate a rollback of irregular trades within 24 hours...[for users who] incurred losses during this period, a compensation plan will be offered." A Bitget spokesperson said on X the exchange is still investigating the incident, and will provide an update within 24 hours. Voxie Tactics could not be immediately reached for comment by The Block. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 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.