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On April 20, 2025, a price fluctuation event occurred in the VOXEL contract trading pair of the cryptocurrency exchange Bitget, which attracted widespread attention, resulting in a series of chain reactions such as a surge in abnormal trading volume, profits for some users, and an emergency suspension of withdrawals by the exchange.
The following article will sort out the ins and outs of this incident from the aspects of the background, process, impact, and response measures of Bitget.
1. Introduction to Bitget Exchange
Founded in 2018, Bitget is a global cryptocurrency exchange headquartered in Seychelles. It focuses on derivatives trading (such as futures contracts) and provides multiple functions such as spot trading and wallet services.
According to data from platforms such as CoinMarketCap and CoinGecko, Bitget ranks among the top five global crypto exchanges, with more than 100 million users, covering more than 150 countries and regions. VOXEL (Voxies) is a blockchain-based game token related to NFT and the metaverse, which supports spot and futures trading on the Bitget platform.
2. VOXEL trading pairs and contract trading
VOXEL/USDT is a relatively active trading pair on Bitget, especially in the futures contract market. Futures trading allows users to magnify their returns through leverage, but it also comes with high risks.
Bitget's VOXEL futures trading pair supports long and short operations, attracting a large number of speculators and quantitative traders. However, the complexity and high volatility of contract trading also pose hidden dangers to potential technical problems.
1. Occurrence of abnormal transactions
Around 16:00 (UTC) on April 20, 2025, Bitget's VOXEL/USDT contract trading pair experienced abnormal price fluctuations. According to user feedback and community discussions on the X platform, the exchange's market maker robot is suspected of having a technical failure, resulting in the failure of the price matching mechanism.
Specific manifestations:
Abnormal price matching: Some users found that in VOXEL contract transactions, orders to open long orders at $0.0135 and set a take-profit of $0.0148 were almost instantly eaten by robots at an abnormal speed and triggered take-profit. This operation is almost impossible to achieve under normal market conditions, suggesting that there are loopholes in the system.
Trading volume surge: VOXEL contract trading volume surged to "tens of billions" in a short period of time, far exceeding the normal trading scale, showing a concentrated outbreak of abnormal trading behavior.
2. User "zero-cost" phenomenon
Some sharp traders quickly discovered this loophole and made huge profits by repeatedly placing orders and taking advantage of the robot's abnormal order-taking mechanism.
Some people made a profit of up to 3 million RMB (about 400,000 USD) in a short period of time by "zero-cost" (i.e., taking advantage of system loopholes to make low-cost profits). These users maximized the abnormal response of the system by placing orders and taking profits at a high frequency.
3. Emergency response of the exchange
After the incident, Bitget quickly took the following measures:
Suspend withdrawals: To prevent capital outflow, the exchange suspended the withdrawal function of VOXEL-related accounts shortly after the incident. Bitget urgently restricted the withdrawal channel to assess the losses and prevent further risks.
Technical investigation: Bitget officially issued a statement through its "Angel" account @Odyssey_banban, stating that the technical team has intervened to locate the root cause of the problem and promised to upgrade the risk control algorithm to prevent similar incidents from happening again.
1. User trust crisis
This incident has had a significant impact on Bitget's reputation.
Some X users joked that Bitget officials once commented that "the way the price fluctuation incident of the JELLY trading pair of Hyperliquid Exchange was handled was immature, unethical and unprofessional". Not long after the JELLY incident, a similar incident occurred on Bitget. Some netizens said that this time "the boomerang hit the forehead".
2. Market panic
The VOXEL price fluctuation incident triggered extensive discussions in the crypto community on the security of centralized exchanges (CEX). Some people are worried that in the current market environment, major negative events on exchanges may trigger a chain reaction and aggravate market volatility. The VOXEL token itself has also attracted attention due to the incident, and its price may face short-term sharp fluctuations.
3. Platform losses and disputes
Bitget may have suffered "quite a lot of losses" in this incident. Although most of the abnormal withdrawal requests were rejected, a small amount of funds were successfully transferred out. What is more complicated is that whether the profits made by users through "legal" contract operations should be recovered has caused controversy at the legal and moral levels.
Some users believe that users should not be held responsible for technical problems of the exchange, and Bitget may face the difficulty of balancing user rights and interests with platform losses.
1. Official Statement and Transparent Handling
Bitget promised to handle this incident in a transparent manner through its official channels (including X platform and official website announcements). @Odyssey_banban's statement emphasized that Bitget will regard this incident as "a stress test in the frontier exploration of the encryption industry" and plans to synchronize the progress of the incident investigation with the community. The technical team is optimizing the market maker robot algorithm and trading system to improve the stability of the platform.
2. Risk control and technology upgrade
To avoid the recurrence of similar incidents, Bitget may need to:
Strengthen system testing: Conduct comprehensive stress testing on market maker robots and price matching mechanisms to ensure stable operation in high-frequency trading scenarios.
Improve risk control capabilities: Introduce more advanced anomaly detection mechanisms, monitor transaction volume and price fluctuations in real time, and intercept potential loopholes in a timely manner.
User education: Through announcements and community interactions, remind users to pay attention to potential problems in high-risk transactions and enhance market transparency.
3. Industry Enlightenment
This incident is not only a test for Bitget, but also a wake-up call for the entire crypto industry. With the rapid development of blockchain technology and derivatives trading, the technical capabilities and risk control levels of exchanges must keep pace with market demand. Centralized exchanges need to find a balance between innovation and stability to maintain user trust and market order.
Bitget Exchange VOXEL trading pair price change incident is a typical case caused by a technical vulnerability, exposing the potential risks of centralized exchanges in a high-frequency trading environment.
From the occurrence of abnormal transactions to the emergency response of the exchange, to the fierce response of the community, the incident reflects the complex challenges of the crypto industry in technology, trust and regulation.
Bitget's subsequent handling methods - including transparent communication, technical upgrades and user compensation measures - will directly determine whether it can regain user confidence and reshape its market image.
For participants in the encryption industry, this incident reminds us that technological innovation is important, but robust risk control and transparent governance are equally indispensable. In the blockchain, a territory full of opportunities and challenges, only by continuous evolution and improvement can we gain a foothold in the fierce competition.
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