The CryptoCurrency Exchange Bitget discovered “abnormal trading activity” in the Voxel/USDT contract with endless futures on April 20, between 8:00 to 8:30 UST, and stopped accounts with the exchange of suspected market manipulation.
According to one April 20 announcement From the exchange, the Bitget will return accounts that suspected market manipulation within 24 hours, which attaches back gains made from trade.
Bitget CEO Gracy Chen told cointelegraph that the goods were between individual market participants and not the platform itself. Chen also said the losses were not platform-wide and that the user’s funds would remain safe.
The Crypto Exchange also plans to pay for users who have suffered losses due to the alleged manipulation of the market and announcing a compensation plan as soon as possible, Chen confirmed to the cointelegraph. Bitget CEO added:
“For any remaining losses, the Bitget is fully ready to offer compensation. Our $ 300 million protection fund provides more than enough backback to support our users at such events, ensuring that the user ownership will remain safe.”
The incident discussing the obligations of exchanges under pressure from trading abnormalities and electronic trading bugs, including some entrepreneurs Comparison The incident of bitget to Hyperliquid-jelly exploitation in March 2025.
Related: Hyperliquid Jelly ‘Exploiter’ can drop by $ 1M, Arkham says
Hyperliquid debacle again?
On March 26, a businessman “exploited” the price of jelly-my-jelly (jelly) memecoin in hyperliquid exchange by hedging a long position against an equivalent short position.
The price of the jelly pumped by more than 400%, which triggered a destruction of short positions. However, since the position is too large, it is sent through the hyperliquidity provider Vault (HLP).
In response to trading activity, Hyperliquid delisted jelly with eternal contractsDrawing extensive condemnation from the crypto community.
Bitget CEO Gracy Chen belongs to the majority Hyperliquid Vocal CriticsSlamming the exchange for jelly removal and causes financial losses for users.
“The decision to close the Jelly Market and the power to regulate positions at a desirable price sets a dangerous precedent. Trust – not capital – is the foundation of any exchange,” Chen wrote on a March 26 x6 x Post.
Magazine: Defi will rise again after the memecoins dies: Sasha Ivanov, X Hall of Flame
