A relatively unknown gaming token, VOXEL, experienced a remarkable surge of over 50% in value within a 24-hour period following a malfunction on the cryptocurrency exchange BitGet. This incident caused the trading volume of the VOXEL/USDT perpetual contract to surpass that of Bitcoin, raising eyebrows and concerns about potential market manipulation on centralized exchanges.
According to reports, the trading volume for the VOXEL/USDT pair skyrocketed to $12.72 billion, compared to Bitcoin's $4.76 billion during the same timeframe. Crypto analyst Dylan suggested that a bug within the exchange's trading bot was likely responsible for this unusual activity, rather than outright manipulation. “We’ve noticed the abnormal trading behavior of the VOXEL/USDT pair and are investigating it,” stated Xie Jiayin, a spokesperson for BitGet, on social media.
Interestingly, some users capitalized on the bot's erratic trades, profiting significantly as the token's price fluctuated between $0.125 and $0.138. Reports indicate that a few savvy traders turned an initial investment of just $100 into six-figure profits, showcasing the volatile nature of the cryptocurrency market.
Despite the excitement, the price of VOXEL has seen dramatic swings. Initially, the token traded at $0.0415 and surged to $0.1166 in just 24 hours, marking an increase of nearly 179%. At its peak, VOXEL reached $0.1790, only to plummet by approximately 50% within 13 hours, settling at around $0.09131. As of April 20, 2025, it has fallen from its earlier high of $0.1645 but remains 40% above its value earlier that day.
VOXEL serves as the in-game token for Voxie Tactics, a blockchain-based game that combines nostalgic RPG elements with modern gameplay. The token boasts a market cap of approximately $23 million, with 79% of its total supply of 300 million tokens already in circulation.
In response to the trading irregularities, BitGet has launched an investigation into the matter, with Xie Jiayin assuring users that the issue did not affect other platform functions. “We will synchronize more specific information as soon as possible. Some users may be subject to risk control. If you have any questions, please contact the online customer service in the App,” he added. However, the exchange has temporarily suspended certain functions for accounts suspected of engaging in market manipulation during the incident.
BitGet's decision to roll back profits and temporarily suspend accounts has sparked criticism from the crypto community. Users have expressed concerns that such actions could set a dangerous precedent. One user, Cody, remarked that the exchange's handling of the incident was “immature, unethical, and unprofessional,” accusing BitGet of unfairly blaming retail users for the malfunction. This sentiment resonates with many in the community, who argue that the market makers, not individual traders, are responsible for the volatility.
In a broader context, the incident has raised questions about the integrity of centralized exchanges and their ability to manage unexpected events. The crypto landscape is notorious for its rapid fluctuations, and incidents like this only serve to heighten the uncertainty for investors. As the investigation continues, BitGet has promised to restore normal functions for affected accounts within 24 hours and to compensate traders who were impacted by the irregular trades.
Meanwhile, analysts are warning traders to exercise caution, especially when dealing with small-cap tokens that experience sudden spikes in trading volume. Ash Crypto, another crypto analyst, cautioned followers about the potential for manipulation, highlighting the disparity between VOXEL's market cap of $15 million and the over $700 million volume in futures trading. “This is the new level of manipulation,” he tweeted, urging traders to remain vigilant.
The incident at BitGet is a stark reminder of the volatility and unpredictability that characterize the cryptocurrency market. As more details emerge from the exchange's investigation, traders and investors alike will be watching closely to see how BitGet addresses the fallout from this unusual trading episode.
As the cryptocurrency world continues to evolve, incidents like the one involving VOXEL serve as both a cautionary tale and an opportunity for growth within the industry. How BitGet navigates this situation may have lasting implications for its reputation and the trust of its users.
In the meantime, traders are encouraged to stay informed and exercise due diligence, particularly when engaging with lesser-known tokens that can be subject to extreme volatility. The landscape of cryptocurrency trading is as dynamic as ever, and with it comes both risks and rewards.
