Voxies Token Surges 200% Due to Bitget Trading Glitch

On April 20, the Voxies (VOXEL) token, a relatively obscure gaming token, experienced a dramatic surge of over 200% within a 24-hour period. This sudden spike was attributed to a suspected malfunction in Bitget’s trading system, which led to an unprecedented trading frenzy. The VOXEL/USDT contract’s trading volume skyrocketed to $12.7 billion, significantly outpacing Bitcoin’s $4.76 billion volume on the same platform.

The glitch allowed some users to earn substantial profits. 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 to the incident, Bitget’s spokesperson Xie Jiayin confirmed that the platform was aware of the irregular activity and has launched an internal investigation. The company noted that affected accounts may face temporary restrictions and urged users to contact in-app support for further assistance. Jiayin added that Bitget will provide the event details and resolution within 24 hours.

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, claiming 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.

One analyst stated that 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.

The timing of the incident is also notable. VOXEL is currently listed on Binance’s “Vote to Delist” program, which 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.