Bitget’s $12B VOXEL Frenzy Raises Concerns Over Market Manipulation on Cryptocurrency Exchanges

A VOXEL trading pair on Bitget cryptocurrency exchange garnered over $12 billion in volume on April 20, surpassing Binance metrics. Traders reported instant order fills on the VOXEL/USDT perpetual futures, potentially due to a bug, allowing for abnormal profits. Bitget suspended accounts suspected of market manipulation and rolled back irregular trades, compensating affected traders. The lack of transparency raised concerns about market makers and internal systems. Similar incidents on Binance fueled speculation, with accusations against market makers. Bitget’s response emphasized individual user trading and security measures. Market manipulation concerns have grown, with Binance banning market makers in previous incidents. Market makers have been accused of exploiting small projects for profits. Both centralized exchanges like Bitget and DEX like Hyperliquid have faced exploitation issues. Despite containment of the VOXEL incident, trust in the industry remains a concern. The broader pattern of vulnerabilities in the crypto market is evident, highlighting the need for transparency and accountability.

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