The Details of the Case
In a recent development, the cryptocurrency exchange platform Bitget has initiated legal proceedings against eight accounts suspected of being involved in price manipulation of the VOXEL token. Allegedly, these accounts have generated unfair profits amounting to an estimated $20 million through unusual trading activities.
Xie Jiayin, head of operations in China at Bitget, stated that “these eight accounts are the main culprits behind the VOXEL incident and have unlawfully netted over $20 million.” The exchange accuses these accounts of manipulating the prices of perpetual futures contracts related to VOXEL.
Steps taken by Bitget
In a statement on X, Xie Jiayin shared details about the legal actions taken by Bitget against these eight individuals. She assured that users who transacted VOXEL between 4:00 PM and 4:30 PM on April 20th and had already withdrawn their funds would not be affected. The exchange plans to return all funds recovered through legal actions to its users via airdrops.
A technical glitch on April 20th on the Bitget platform caused abnormal trading activity on the VOXEL/USDT perpetual futures. Some users managed to generate significant profits during this period, prompting Bitget to take action against the responsible accounts.
Impact on VOXEL prices
Following these events, the price of VOXEL, which was above $0.08, dropped to $0.072. At the time of writing, VOXEL is trading at $0.0714, representing a 1.5% decrease in a day. Despite a 7% increase last month, the VOXEL token witnessed a significant 5.9% decline over the past week.
It is crucial for investors to stay informed about these developments and make informed decisions when it comes to investing in cryptocurrencies. Market manipulation remains a hot topic in the crypto ecosystem. Measures like those taken by Bitget aim to preserve market integrity and trust.
