28-4-2025 – Cryptocurrency exchange Bitget has vowed to take legal action against eight accounts accused of orchestrating a sophisticated scheme that netted $20 million through illicit trading of the VOXEL token. The platform, still grappling with the fallout from last Sunday’s “abnormal trading activity,” is intensifying its investigation into what it describes as a deliberate attempt to distort its VOXEL market, underscoring the persistent vulnerabilities in the fast-evolving crypto ecosystem.
The incident unfolded on April 20, when VOXEL—the native token of Voxie Tactics, a role-playing game built on the Polygon blockchain—experienced an extraordinary surge. Trading volumes skyrocketed, and the token’s price soared by over 500% compared to its value just two days earlier. Bitget swiftly intervened, announcing it would reverse trades executed within a specific timeframe to mitigate the damage while launching a probe into the suspicious activity. Although a detailed report is still forthcoming, the exchange has promised a comprehensive account of the incident to provide full transparency to its users.
Xie Jiayin, Bitget’s Head of Asia, took to X to reveal that the exchange has identified eight accounts, believed to belong to a “professional arbitrage” syndicate, as the culprits behind the manipulation. These accounts, Xie alleges, exploited the VOXEL market to amass profits exceeding $20 million. In a decisive move, Bitget is preparing to issue lawyer’s letters to the account holders—a step that often signals the prelude to formal litigation. Xie assured users that any recovered funds would be fully redistributed to affected platform users through an airdrop, reinforcing Bitget’s commitment to protecting its community.
This $20 million exploit is the latest in a troubling string of crypto-related breaches, following a $5.8 million attack on Solana-based DeFi platform Loopscale, which occurred just two weeks after its launch, and a staggering $49 million loss suffered by stablecoin neobank Infini