Cryptocurrency exchange Bitget discovered “abnormal trading activity” 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.
According 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.
Bitget 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.
VOXEL-USDT perpetual futures contract spikes by over 138% in a single day. Source: TradingView
The 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:
“For any residual losses, Bitget