{"id":127573,"date":"2025-04-20T18:15:30","date_gmt":"2025-04-20T18:15:30","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127573"},"modified":"2025-04-20T18:15:30","modified_gmt":"2025-04-20T18:15:30","slug":"bitget-detects-irregularity-in-voxel-usdt-futures-rolls-back-accounts","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127573","title":{"rendered":"Bitget detects irregularity in VOXEL-USDT futures, rolls back accounts"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsCryptocurrency exchange Bitget discovered &#8220;abnormal trading activity&#8221; on the VOXEL\/USDT perpetual futures contract on April 20, between 8:00 to 8:30 UST, and paused accounts that the exchange suspected of market manipulation.<br \/>\nAccording to an April 20 announcement from the exchange, Bitget will roll back the accounts suspected of market manipulation within 24 hours, clawing back gains made from the trades.<br \/>\nBitget CEO Gracy Chen told Cointelegraph the trades were between individual market participants and not the platform itself. Chen also said that the losses are not platform-wide and that user funds remain safe.<br \/>\nVOXEL-USDT perpetual futures contract spikes by over 138% in a single day. Source: TradingViewThe crypto exchange also plans to compensate users who suffered losses due to the alleged market manipulation and will announce a compensation plan soon, Chen confirmed to Cointelegraph. The Bitget CEO added:<br \/>\n&#8220;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, assuring that user assets remain secure.&#8221;<br \/>\nThe incident has called into question the obligations of exchanges under pressure from trading abnormalities and electronic trading bugs, with some traders comparing the Bitget incident to the Hyperliquid-Jelly exploit in March 2025.<br \/>\nRelated: Hyperliquid JELLY \u2018exploiter\u2019 could be down $1M, says Arkham<br \/>\nHyperliquid debacle all over again?<br \/>\nOn March 26, a trader &#8220;exploited&#8221; the price of the Jelly-my-Jelly (JELLY) memecoin on the Hyperliquid exchange by hedging a long position against an equivalent short position.<br \/>\nThe price of JELLY pumped by over 400%, triggering a liquidation of the short positions. However, because the position was too large, it was sent through the Hyperliquidity Provider Vault (HLP).<br \/>\nJELLY memecoin surges by over 400% during Hyperliquid incident. Source: TradingViewIn response to the trading activity, Hyperliquid delisted JELLY perpetual contracts, drawing widespread condemnation from the crypto community.<br \/>\nBitget CEO Gracy Chen was among the most vocal critics of Hyperliquid, slamming the exchange for delisting Jelly and causing financial losses for users.<br \/>\n&#8220;The decision to close the JELLY market and force settlement of positions at a favorable price sets a dangerous precedent. Trust \u2014 not capital \u2014 is the foundation of any exchange,&#8221; Chen wrote in a March 26 X post.<br \/>\nMagazine: DeFi will rise again after memecoins die down: Sasha Ivanov, X Hall of Flame\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/bitget-detects-irregularity-voxelusdt-futures?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsCryptocurrency exchange Bitget discovered &#8220;abnormal trading activity&#8221; on the VOXEL\/USDT perpetual futures contract on April 20, between 8:00 to 8:30 UST, and paused accounts that the exchange suspected&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127573"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127573"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127573\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127573"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}