The VOXEL token experienced a sharp increase of over 50% due to a glitch on the BitGet exchange, raising concerns about potential market manipulation.
Reasons for VOXEL's Rise
A relatively unknown gaming token, VOXEL, went up by more than 50% in the past 24 hours after a malfunction on BitGet caused the VOXE/USDT perpetual contract to surpass that of Bitcoin. Reports indicate that the trading volume for VOXEL/USDT surged to $12.72 billion, significantly higher than Bitcoin's $4.76 billion. Crypto analyst Dylan suggests that a bug in the exchange trading bot might be the cause.
BitGet's Response to the Incident
BitGet acknowledged the abnormal trading activity and is currently investigating the incident. Spokesperson Xie Jiayin stated that the issue did not affect other functions on the platform. He assured that "some users may be subject to risk control," and that the investigation report would be released within 24 hours. Some accounts have been temporarily suspended for suspected market manipulation.
Criticism from the Crypto Community
The decision to temporarily suspend accounts and roll back profits has drawn criticism from users who see it as a dangerous precedent. One user, Cody, described the exchange's handling of the incident as immature and unprofessional, raising doubts about the integrity of BitGet. Many believe that retail users did not manipulate the market and that the responsibility lies with market makers.
The incident surrounding the VOXEL token raises significant concerns about the reliability of centralized exchanges and their ability to manage technical failures.
