- BitGet has received a promising reward for the affected user by suing eight accounts for the voxel manipulation.
- The flaw of the market bot has been criticized for a 200%surge in prices. The entire accident report was expected soon.
Crypto Exchange Bitget is taking legal action against eight accounts accused of manipulating a voxel token. The incident triggered a sharp surge in prices and inappropriate profits of more than $ 20 million.
BitGet promised to return the recovered funds to users affected by volatility to restore trust after suspicious trading activities.
Legal measures and user protection
Jiayin XIE, the head of Asian Asia, confirmed that on April 27, the legal notice was issued.
BitGet announced that it would not be disadvantaged to a user (16: 00 ~ 16: 30 UTC) who traded the voxel while interrupted for 30 minutes on April 20.
Source: X
The exchange has restored an affected account and guaranteed that the user would not take additional punishment for them.
BitGet: What happened at the Boxell Spike
The manipulation occurred quickly, and the voxel has soared more than 200% in just 30 minutes, making it the most asset of Bitget for a while. The price rose from $ 0.125 to $ 0.1645 and was fueled by a transaction that bypassed a regular order.
Bitget thought that Spike was due to suspected defects in the market bot. The bot has a chance to manipulate because the spells run abnormally and quickly.
As a result, the transaction was stopped, several accounts were frozen, and Bitget announced plans to roll back the affected transaction.
This event has a question of transparency, emphasizes potential backlash, and has a significant impact on the industry.
Transparency, backlash and industrial impact
Bitget argues that the problem is not the result of internal failure or the result of external hacking. However, the exchange has not yet disclosed the identity of the related people, and the entire accident report is expected to be expected soon.
In the meantime, Bitget is facing an increasing backlash. Critics emphasized the relocation of Gracy Chen, who criticized Hyper Liquid’s handling of similar events related to jelly tokens.
BitGet has now investigated a wide range of concerns about the reliability of encryption exchange and the risk of automated trading systems.