The bitget of the cryptocurrency Exchange discovered “Abnormal trade activity” within the Voxel/Usdt Perpetual -Futures contract on April 20 between 8:00 a.m. and eight:30 a.m. and held the accounts that the exchange of market manipulation was suspected.
According to an announcement on April 20 from the stock exchange, Bitget will turn back the accounts that market manipulation suspected inside 24 hours and withdraw the profits from the shops.
Gracy Chen, CEO von Bitget, told CoinTelegraph that the shops are between the person market participants and never the platform itself. Chen also said that the losses aren’t platform and that the user funds remain secure.
Voxel-Unddt Perpetual Futures Contract Spikes by over 138% in in the future. Source: Tradingview
The crypto exchange also plans to compensate users who’ve suffered losses as a result of the alleged market manipulation and can shortly announce a compensation plan, confirmed Chen to CoinTelegraph. The Bitget CEO added:
“In the event of all remaining losses, Bitget is totally prepared to supply compensation. Our 300 million dollar protection fund offers greater than sufficient support to support our users in such events and to guarantee that user assets are still secure.”
The incident questioned the obligations of stock exchanges under pressure from trade anomalies and electronic trade errors, with some retailers compare the Bitget incident with the hyperliquid jelly exploit in March 2025.
Hyperliquid debacle again?
On March 26, a dealer “used” the prize of the Jelly-My-Jelly (Jelly)-Memecoin on the hyperliquid exchange by securing a protracted position against an equivalent short position.
The price for jelly, which was pumped by over 400%and triggers a liquidation of the short positions. However, because the position was too great, it was sent by the hyperliquidity provider Vault (HLP).
In response to business activity, Hyperliquid deleted Jelly Perpetual Contracts and depicts a widespread conviction of the crypto community.
Grady Chen, CEO von Bitget, was some of the voluntary critics of hyperliquid and struck the exchange for the listing jelly and caused financial losses for users.
“The decision to shut the Jelly market and force the settlement of positions at a reasonable price is a dangerous precedent. Trust – not capital – is the premise of an exchange,” wrote Chen in a post on March 26.
