BitGet probes trading bot glitch that caused VOXEL volume to surpass Bitcoin’s
The micro-cap VOXEL token skyrocketed by 150% following a BitGet bot malfunction that led to a spike in its trading volume.
BitGet announced it is investigating the incident and has temporarily frozen accounts suspected of gaining from the manipulation.
Users have voiced frustration over BitGet’s response, particularly its unilateral move to reverse all trades that resulted in profits.
A little-known gaming token, VOXEL, surged over 50% in the past 24 hours following a malfunction on BitGet that caused the VOXEL/USDT perpetual contract to exceed Bitcoin’s trading volume. The incident has sparked concerns about potential market manipulation on centralized exchanges.
Reports indicate that VOXEL/USDT’s 24-hour trading volume skyrocketed to $12.72 billion—well above Bitcoin’s $4.76 billion during the same timeframe. While some suspect manipulation, crypto analyst Dylan suggests the spike was more likely caused by a glitch in the exchange’s trading bot.
Although the situation has been contained, some users were able to capitalize on the glitch after noticing that the bot was executing trades between $0.125 and $0.138.
According to Dylan, a few users reportedly earned six-figure profits from investments as small as $100.
Currently, VOXEL is trading at $0.09131—around 40% higher than its earlier price today—though it has dropped from a peak of $0.1645, based on CoinMarketCap data.
VOXEL serves as the in-game currency for the blockchain-based game Voxie Tactics and is listed on several exchanges. The token has a modest market cap of $23 million, with 79% of its 300 million total supply already in circulation.
BitGet confirms investigation into unusual trading activity
BitGet has recognized the irregular trading activity and stated that an investigation is underway. According to exchange spokesperson Xie Jiayin, the issue was contained and did not impact any other platform functionalities.
He stated:
“We’ll share more detailed information as soon as possible. Some users might be subject to risk control measures. If you have any concerns, please reach out to our in-app customer support. At present, all #Bitget functions—including trading, deposits, and withdrawals—are operating normally.”
The spokesperson noted that all platforms encounter issues and challenges like this during their growth, but emphasized that the way these problems are addressed is what truly matters. He assured that a full investigation report would be released within 24 hours.
In the meantime, the exchange has temporarily disabled certain functions for accounts it alleges were involved in market manipulation during the event. According to an official BitGet update, the suspicious activity activated its risk control mechanisms.
The statement read:
“Some accounts appeared to be involved in potential market manipulation, which activated our risk control system. As a result, these accounts have been temporarily restricted from trading, depositing, and withdrawing.”
The exchange also stated that it plans to gradually restore functionality to the affected accounts within the next 24 hours and reverse all abnormal trades made during that time. Users who traded the VOXEL/USDT contract during the incident will be compensated.
BitGet faces backlash from crypto community
Despite the exchange’s actions, its decision to temporarily freeze accounts, unilaterally reverse profits, and forcibly close VOXEL positions has drawn criticism from many in the crypto community, who argue it sets a troubling precedent.
A user named Cody criticized BitGet’s response to the incident, calling it immature and unprofessional, and also took issue with the platform’s hybrid custodial risk pool.
He stated:
“The way BitGet handled the VOXEL incident was immature, unethical, and unprofessional. It led to user losses and raised significant concerns about the platform’s credibility.”
