Voxels (VOXEL) Explodes by 200% After Bitget Trading Glitch

Voxes (VOXEL), a little-known gaming token, surged by over 200% within 24 hours on April 20 following a suspected malfunction in Bitget’s trading system.

A little-known gaming token, Voxies (VOXEL), experienced a staggering price surge of over 200% within 24 hours on April 20, following what appeared to be a malfunction in Bitget's trading system.

The unexpected glitch, detected in the early hours of April 20, led to an explosive spike in activity on the Bitget platform. As the sun rose in the east, the VOXEL/USDT contract's trading volume reached an astounding $12.7 billion.

To put this figure into perspective, even Bitcoin (BTC) managed to generate a volume of $4.76 billion over 24 hours, according to Coingecko.

The Bitget Bot And The Massive Profits

The unprecedented spike quickly drew attention across the crypto space, especially considering that VOXEL is a relatively obscure free-to-play blockchain game token with a market cap below $30 million.

The unprecedented spike quickly drew attention across the crypto space, especially considering that VOXEL is a relatively obscure free-to-play blockchain game token with a market cap below $30 million.

According to on-chain analyst Dylan, the Bitget bot repeatedly executed trades within a narrow price range of $0.125 to $0.138.

According to on-chain analyst Dylan, the Bitget bot repeatedly executed trades within a narrow price range of $0.125 to $0.138.

Savvy traders quickly recognized the opportunity, investing just $100 to engage in scalping trades that generated six-figure profits.

Reports circulating online suggest that some traders managed to accumulate tens or even hundreds of thousands of USDT within a few hours.

In response to the reports and posts circulating on X (formerly Twitter), a Bitget spokesperson, Xie Jiayin, confirmed that the platform was aware of the irregular activity in a statement to the press.

"We are aware of the anomaly in the Bitget trading system that occurred in the early hours of April 20, 2024, leading to significant trading activity in the Voxies token (VOXEL). Our technical team is investigating the root cause of the issue," Jiayin stated.

The company also noted that affected accounts may face temporary restrictions and urged users to contact in-app support for assistance.

"Every platform, at every stage of development, may encounter challenges and uncertainties, yet these are an inevitable part of the journey. Bitget will provide the event details and resolution within 24 hours."

The incident has also sparked criticism from market experts and traders, many of whom question Bitget's internal safeguards and technical maturity.

The incident has also sparked criticism from market experts and traders, many of whom question Bitget's internal safeguards and technical maturity.

Several community members have also expressed discontent with Bitget's response to the issue. Some have claimed that the exchange's decision to forcibly settle VOXEL contracts at discounted rates breached user trust. Bitget's hybrid custody model is also receiving backlash following the incident.

Several community members have also expressed discontent with Bitget's response to the issue. Some have claimed that the exchange's decision to forcibly settle VOXEL contracts at discounted rates breached user trust. Bitget's hybrid custody model is also receiving backlash following the incident.

"The platform's product design reveals concerning flaws: a hybrid custody risk pool exposes users to systemic risks, and unrestricted position sizes open the door to manipulation. If these issues are not addressed, more altcoins could be weaponized against Bitget—potentially making it the next catastrophic failure in the crypto space," one analyst stated.

The timing of the incident is also interesting to note. VOXEL is currently listed on Binance's "Vote to Delist" program. The campaign aims to improve transparency and give the community a voice in token listings.