Voxies (VOXEL), a little-known gaming token, surged by over 200% within 24 hours on April 20 following a suspected malfunction in Bitget’s trading system.
The unexpected glitch led to an explosive spike in activity, pushing the VOXEL/USDT contract’s trading volume to an eye-watering $12.7 billion. According to Coingecko data, this significantly outpaces Bitcoin’s $4.76 billion volume on the same platform.
Bitget Trading Error Reportedly Lets Users Earn Six-Figure Profits
The unprecedented spike drew attention across the crypto space, particularly given that VOXEL is a relatively obscure free-to-play blockchain game token with a market cap under $30 million.
According to on-chain analyst Dylan, the Bitget bot repeatedly executed trades within the narrow $0.125 to $0.138 price range. Savvy traders quickly caught on, using just $100 to scalp profits exceeding six figures.
Reports suggest that the glitch allowed some users to walk away with tens or even hundreds of thousands of USDT in a matter of hours.
In response, Bitget’s spokesperson Xie Jiayin confirmed the platform was aware of the irregular activity and has launched an internal investigation. The company also noted that affected accounts may face temporary restrictions, urging users to contact in-app support for further assistance.
“Every platform, at every stage of development, may encounter challenges and uncertainties, yet these are an inevitable part of the journey. Bitget will provide the event details and resolution within 24 hours,” Jiayin added.
Meanwhile, the incident has sparked criticism from market experts and traders, many of whom question Bitget’s internal safeguards and technical maturity.
Several community members have criticized Bitget’s response to the issue. Some have claimed that the exchange’s decision to forcibly settle VOXEL contracts at discounted rates breached user trust. Bitget’s hybrid custody model is also receiving backlash following the incident.
“The platform’s product design reveals concerning flaws: a hybrid custody risk pool exposes users to systemic risks, and unrestricted position sizes open the door to manipulation. If these issues are not addressed, more altcoins could be weaponized against Bitget—potentially making it the next catastrophic failure in the crypto space,” one analyst stated.
Meanwhile, the timing of the incident is also notable. VOXEL is currently listed on Binance’s “Vote to Delist” program. The campaign aims to improve transparency and give the community a voice in token listings.
Overall, the Bitget incident has amplified concerns about potential market manipulation involving the token and highlighted the broader risks tied to centralized exchanges.
