On April 20, 2025, Bitget, a leading cryptocurrency exchange, faced a major disruption involving the VOXEL token, the native cryptocurrency of the blockchain game Voxie Tactics. In an unexpected move, the token’s price skyrocketed by more than 560%, jumping from $0.021 to $0.139 before dropping sharply to $0.074—losing 47% from its peak.
What Sparked the Wild VOXEL Price Swing?
Bitget linked the sudden price volatility to an alleged market manipulation scheme carried out by a professional arbitrage group. According to the exchange, eight accounts exploited a glitch in Bitget’s trading system. This flaw allowed the group to conduct trades within a tight price range, generating over $20 million in profits while investing minimal capital.
In response, Bitget took swift action:
- Temporarily suspended trading, deposit, and withdrawal functions for the implicated accounts.
- Issued legal notices to the parties involved.
- Pledged to redistribute any recovered assets to affected users through airdrops.
Ongoing Concerns About Exchange Security
This incident has amplified growing concerns about the strength of risk controls and the overall market integrity on centralized cryptocurrency platforms. Bitget has reassured its users that most accounts were not affected and that normal trading operations have resumed. However, the exchange has not yet provided a detailed report explaining the specific vulnerabilities that enabled the exploit.
The VOXEL token episode highlights the urgent need for better risk management frameworks and greater transparency in the cryptocurrency market. As the industry matures, it becomes increasingly essential for exchanges to implement tougher safeguards to protect their users and ensure market stability.
