On April 20, 2025, Bitget's little-known VOXEL/USDT perpetual futures trading pair saw an explosive $12 billion in volume, surpassing all top 10 markets. This sudden spike raised alarms among traders, many of whom reported instant order fills attributed to a possible bug in the market maker bot. Bitget quickly intervened, suspending accounts suspected of manipulation and rolling back irregular trades, promising compensation to affected traders. Despite these measures, concerns linger about how exchanges manage market activities and safeguard users. The lack of transparency in identifying the cause and responsible parties has been compared to past incidents at Binance involving erratic token price swings. Bitget's CEO emphasized that the trading was between users and not a failure of the platform itself, stating ongoing internal reviews to address the incident. This episode adds to ongoing discussions about market manipulation in crypto, as similar cases have surfaced across both centralized and decentralized exchanges, highlighting vulnerabilities within the ecosystem.

Source 🔗