Bitget Will Roll Back Trades and Compensate Users After "Abnormal Trading" Activity in Its Perpetual Futures Market

Centralized cryptocurrency exchange Bitget will roll back trades and compensate users after "abnormal trading" activity in its perpetual futures market affected a little-known token

A technical issue in Bitget’s perpetual futures market led to abnormal trading activity in a little-known token, pushing volume to levels higher than that of bitcoin, the exchange said on Sunday.

The issue affected Voxel (VOXEL), the native token of Polygon-based RPG game Voxie Tactics, in which traders saw a surge of volume — significantly more than the 24-hour trading volume of bitcoin — and price action early Sunday morning, as the token rose in value. VOXEL is the 723rd-largest cryptocurrency by market capitalization, according to CoinMarketCap data, and the token is up over 300% in the past week.

One X user reported logging six-figure profits from an investment of less than $100. "Bitget probably has a bug in its market-making robot," they said.

However, with Bitget planning to roll back all trades in the market and offer compensation to users who suffered losses, the user's profits are likely to disappear.

"Our investigation has revealed that certain accounts may have engaged in activities that manipulated the market, thereby triggering Bitget's risk control system to intervene in the Voxel perpetual futures market," Bitget said. "To ensure a fair and secure trading environment, Bitget will initiate a rollback of irregular trades within 24 hours...[For users who] encountered losses during this period, a compensation plan will be offered."

A Bitget spokesperson said on X that the exchange is still investigating the incident and will provide an update within 24 hours.

Don't miss out on the latest cryptocurrency news!

Join the conversation today in the Bitget Telegram group: https://t.me/BitgetEngle7

For more cryptocurrency news and features, visit Benzinga's Tabi shoot.