Bitget, one of the leading global crypto derivatives exchanges, has initiated a comprehensive rollback of affected accounts and pledged user compensation following irregular trading activity detected on its VOXEL/USDT perpetual futures contract.
The incident, which occurred on April 20 between 08:00 and 08:30 UTC, involved what Bitget described as “abnormal trading activity” suggestive of market manipulation. The suspicious trades triggered a 138% price spike in VOXEL futures, prompting the platform to swiftly pause the affected accounts and begin a forensic audit.
Bitget CEO Gracy Chen confirmed to Cointelegraph that the manipulation appeared to involve individual actors rather than systemic platform failure. “User assets remain secure.
This issue was isolated and not platform-wide,” Chen emphasized. A full account rollback is underway, expected to be completed within 24 hours of the initial detection.
In tandem with the investigation, Bitget has committed to fully compensating users impacted by the exploit. “For any residual losses, Bitget is fully prepared to offer compensation. Our $300 million protection fund provides more than sufficient backing to support our users in such events,” said Chen.
The episode has reignited debate over centralized exchange accountability and the mechanics of derivatives platforms during moments of abnormal price volatility. Comparisons were quickly drawn between the Bitget VOXEL event and the Hyperliquid-JELLY incident in March 2025, in which a trader manipulated memecoin prices to profit from artificial liquidations.
That exploit saw the JELLY token spike over 400%, leading to massive liquidations. Hyperliquid responded by delisting the token’s perpetual futures contract and force-settling positions - a move that drew heavy criticism from the crypto community.
Ironically, Bitget’s CEO had previously criticized Hyperliquid for its handling of that case. “The decision to close the JELLY market and force settlement of positions at a favorable price sets a dangerous precedent,” Chen wrote on X at the time. “Trust - not capital - is the foundation of any exchange.”
Bitget’s handling of the VOXEL case now faces similar scrutiny. While the rollback and compensation plan are seen as proactive steps, the incident underscores growing concerns about how exchanges monitor and respond to market anomalies in high-leverage environments.
Experts warn that as crypto derivatives trading grows more sophisticated, so too must the surveillance and risk-management systems underpinning them.
Bitget has promised further updates and full transparency around the outcomes of the rollback process and user compensation plan. Meanwhile, market participants and analysts await further details to assess the full impact of the event and whether safeguards were sufficient to prevent such manipulation in the first place.