In a nutshell
- Bitget is bringing legal actions against eight transactions connected to a “professional trade team.”
- Sights of alleged market manipulation were sown after a VOXEL investing boom.
- The event raises new questions about market integrity and risk controls in the sector.
Eight accounts are being sued by crypto exchange Bitget, who it claims manipulated VOXEL token trading and made more than$ 20 million during a surge in trading on April 20.
Jiayin Xie, Bitget’s Chinese member, reported on X on Saturday that constitutional characters had been sent to the accounts, which are thought to belong to a “professional trading group.”
Bitget, based in Victoria, Seychelles, announced that it will give all recovered funds to its users via an resupply.
The announcement comes after an event last year where the volume of the native token for the Polygon-based game Voxie Tactics increased.  ,
The price surged by more than 560 % compared to 48 hours earlier, increasing from$ 0.021 to$ 0.139. It is currently trading at$ 0.074, which is a 47 % decrease from the incident, according to CoinGecko.  ,
In VOXEL/USDT permanent futures trading, Bitget noted suspicious levels and price movements on the same day. Some accounts were temporarily prohibited from investing, putting, and withdrawing.  ,
Although Bitget claims that the majority of users were intact, the change hasn’t yet revealed who exactly was responsible for the behavior or what technical issues led to it. A full report on the VOXEL affair may be made available as soon as possible, Xie continued.  ,  ,
Crypto investors have pointed out a potential fault with Bitget’s market-making technologies on X. Another compared the casinos that sued bettors for winning the prize to other players.
Additionally, Bitget CEO Gracey Chen posted a blog in Chinese language that criticized the DEX Hyperliquid’s response as being “immature, immoral, and unprofessional” and warned it ran the risk of becoming “FTX 2.0.”
Following a liquidation exploit in March, Hyperliquid was forced to delist its JELLY eternal future. In yet another affair, Binance just fired two market makers in connection with price accidents in GPS, SHELL, and MOVE currencies.  ,
Xie responded that” all the main business makers in the world have settled in Bitget,” but for security reasons, she declined to disclose who its business manufacturers are.  ,
Bitget did not respond to a remark demand right away.
edited by Sebastian Sinclair
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