Global cryptocurrency exchange Bitget has announced plans to take legal action against eight accounts suspected of manipulating trades involving the VOXEL token, resulting in illicit profits estimated at $20 million. This move comes as part of Bitget’s broader investigation into abnormal trading activity detected last Sunday.
The incident revolves around VOXEL, the native token of Voxie Tactics, a Polygon-based role-playing game (RPG). On April 20, Bitget witnessed an unprecedented surge in VOXEL's market activity, with its price skyrocketing more than 500% compared to just two days earlier. In response, Bitget immediately suspended trades within the affected time window and initiated an in-depth review.
Although a full incident report is still pending, Bitget’s Head of Asia, Xie Jiayin, confirmed via a post on X (formerly Twitter) that the platform will issue formal legal notices — commonly known as lawyer's letters — to the eight implicated accounts. These accounts are alleged to have operated as a coordinated "professional arbitrage" group, manipulating market conditions to their advantage.
“All recovered funds will be returned 100% to affected users via an airdrop,” Xie assured, according to an English translation of the announcement. Bitget emphasized its commitment to transparency, promising to release a detailed report on the incident in the near future.
This case adds to a recent series of security breaches and exploits in the cryptocurrency sector. In the past few weeks alone, the Solana-based DeFi platform Loopscale suffered a $5.8 million exploit shortly after launch, while Infini, a stablecoin neobank project, reported losses of approximately $49 million due to vulnerabilities.
Bitget’s proactive legal strategy signals a firm stance against market manipulation, aiming to reinforce trust and stability within its trading ecosystem — critical factors for the broader credibility of the cryptocurrency industry.
