Bitget is taking emergency action to restore market order following what it described as “abnormal trading” activity in its VOXEL perpetual futures market—an event that briefly saw the token’s trading volume surpass that of Bitcoin.
The centralized exchange announced plans to roll back impacted trades and compensate affected users after VOXEL, the native token of Polygon-based blockchain RPG game Voxie Tactics, experienced a dramatic and unexpected surge in activity early Sunday morning.
Despite being ranked just 723rd by market cap, VOXEL saw a sudden explosion in futures volume, eclipsing even that of Bitcoin—the world’s most heavily traded digital asset. This sharp rise in both price and volume sent the exchange scrambling to investigate the anomaly, which many users feared could be tied to manipulation or technical irregularities.
In a statement, Bitget said the rollback and compensation plan would be executed within 24 hours, reaffirming the platform’s commitment to maintaining fairness and transparency. The exchange did not disclose the exact cause of the spike but noted that safeguards are being reviewed to prevent similar occurrences in the future.
The VOXEL token, meanwhile, has posted over 300% gains in the past week, though its sudden prominence has raised broader questions about thinly traded tokens and risk management in perpetual futures markets—especially on centralized platforms.
Bitget Flags Manipulation in VOXEL Spike
One X user claimed to have turned an under-$100 position into six-figure profits during the volatility—though those gains now appear short-lived.
With Bitget moving to nullify all irregular trades within 24 hours, the trader’s windfall is likely to be reversed. The exchange said it identified “potential market manipulation” by certain accounts, which triggered its internal risk control mechanisms*.*
“Upon investigation, certain accounts were found to have potentially engaged in market manipulation, triggering our risk control system,” Bitget said in the announcement.
“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 confirmed via X that the investigation is ongoing and a full update would be released within 24 hours.
Quick Facts
- Bitget will roll back trades and compensate users after abnormal activity in its VOXEL perpetual futures market.
- VOXEL trading volume briefly surpassed that of Bitcoin, despite ranking 723rd by market cap.
- The exchange cited potential market manipulation and activated risk controls.
- A full investigation is underway, with a platform update expected within 24 hours.
