Bitget Exploited: Market-Maker Bot Glitch Triggers $100M Trading Frenzy, Turning $VOXEL into a Crypto Storm

In a whirlwind two-hour frenzy, Bitget traders pocketed over $100 million

In a remarkable turn of events, Bitget traders managed to pocket over $100 million in a whirlwind two-hour frenzy on April 20, 2025.

The windfall came thanks to a shocking market-maker bot malfunction that sparked an unprecedented crypto frenzy. The glitch triggered wild price swings for the obscure gaming token $VOXEL, transforming an ordinary evening into a high-stakes trading bonanza. Here’s how a tiny token became the center of a crypto storm and what it reveals about exchange vulnerabilities.

Minute-by-Minute: Traders Strike Gold

At 19:22 UTC, a $3 million wallet began trading $VOXEL futures, setting the stage for a chain reaction. Within minutes, prices were seen swinging 10% every 1–2 seconds, creating a playground for rapid buy-sell strategies.

As traders piled in, the $VOXEL /USDT pair shot up 150% from $0.66 to $1.65, generating a staggering $12.7 billion in volume on Bitget by 21:22 UTC. To put that into perspective, it’s triple the Bitcoin activity on the exchange.

Little-known $VOXEL token went viral on X (formerly Twitter) as traders shared their outsized gains from the Bitget bot glitch. Some reportedly turned $100 into six-figure sums. “It was like catching money falling from the sky,” one trader remarked.

Crucially, traders were cashing out their profits into stablecoins like BNB and SOL, with some encountering difficulties withdrawing large sums due to internal limits.

The gaming token originally had a modest $23 million market cap before the exploit, and its thin liquidity made it prone to volatility. However, nothing in the token’s fundamentals or the exchange’s statements prepared traders for the ensuing chaos.

Analysts called it a “perfect storm”: a low-profile asset suddenly thrust into the spotlight by a bot’s failure, rendering it the main subject of cryptocurrency news and analysis. While the token briefly spiked 150%, the whole frenzy wasn’t about $VOXEL’s value; it was about the opportunism unfolding in real-time.

How A Glitch And Bot Sped Up 10 Years Of Crypto Memes

The crisis began when Bitget’s market-maker bot malfunctioned, introducing a hot mess of erratic orders on the $VOXEL /USDT futures pair.

Normally, these bots help stabilize prices and liquidity in low-volume markets, but this one did the opposite, creating a predictable 10% swing on every touch. The bot’s behavior was crucial, as it enabled traders to quickly capitalize on its actions.

With Bitget allowing up to 100x leverage, traders could quickly amplify their gains. Moreover, orders were being filled instantly, a red flag suggesting the bot wasn’t adjusting to real-time data and market conditions.

“It wasn’t trading; it was a slot machine,” crypto analyst @0xFrogify remarked, highlighting the chaotic nature of the incident.

As news of the bot glitch and traders’ windfall spread, Bitget responded by freezing accounts and reversing trades, claiming “market manipulation” by a small group of users.

Bitget CEO Gracy Chen promised compensation to affected traders but offered few details, sparking outrage among those who saw their large profits vanish overnight.

“You can’t blame us for your bot’s mistake,” trader @CryptoQingshui argued, emphasizing the exchange’s responsibility in the incident. Meanwhile, Bitget’s hot wallet address saw a surge in ETH and BTC withdrawals as trust in the exchange eroded.

Bitget CEO’s Past Critique Of A Similar Incident Backfires

Earlier this year, Bitget had chastised rival Hyperliquid for a similar incident with the $JELLY token, which also saw rapid price increases and high trading volume.

At the time, Chen warned that Hyperliquid’s response could lead to a repeat of FTX’s downfall, advising exchanges to take a proactive approach in such situations.

Now, however, users have pointed out the hypocrisy of her statement as Bitget itself faced a similar crisis. “Look who’s talking,” tweeted blockchain researcher @DefiDetective.

The comparison highlights the broader vulnerabilities of centralized exchanges (CEXs) and the difficulties they face in handling rapidly changing market dynamics, especially when it comes to tokens with low liquidity.

Earlier this year, Bitget’s CEO had warned against a similar incident with a rapidly rising token, stating that it could become "FTX 2.0.”

However, when the same scenario unfolded with $VOXEL on Bitget's platform, her team has yet to respond to the comparison publicly.

What We Can Learn From The $100M Heist