Today, April 20, Voxies (VOXEL), an upcoming crypto gaming token, rose by more than 200% in the last 24 hour after an alleged glitch reported in the Bitget’s trading network. The sudden breakdown caused a tremendous increase in trading activity, spiking the VOXEL/USDT contract’s trading volume to a whopping $12.7 billion. This volume substantially exceeded Bitcoin’s trading volume ($4.76 billion) on the same network.
Bitget bot glitch: users scoop free money
This unusual jump captured curiosity among crypto market participants, considering that VOXEL is a relatively little-unknown crypto gaming token with a market value less than $30 million.
According to technical crypto analyst Dylan, a faulty Bitget trading bot was the cause of this problem. The bot repeatedly settled trades in a tight price level of $0.125 and $0.138, allowing shrewd investors to generate six-figure profits using as little as $100 investment.
Market analysis shows that the malfunction enabled some traders to withdraw USDT worth tens/hundreds of thousands of US dollars within few hours.
Another user who responded to this matter was Bitget’s Chinese head Xie Jiayin. Today, he posted on X that Bitget is aware of the unusual trading behavior in the VOXEL/USDT contract trading pair. He stated that the trading platform is currently conducting internal investigations and will give out more updates promptly. The exchange further mentioned that the affected wallets may be temporarily restricted, advising customers to reach out to Biget’s online customer service for further help. He finally clarified that currently all of Bitget’s functions, including withdrawals, deposits, and trading, operate normally.
Liquidity issues in the crypto market
Multiple crypto users expressed their dissatisfaction toward this issue, with many criticizing Bitget’s internal security and technology capability. The harsh backlash came just a week after crypto investor sentiment blew following Mantra’s OM token crash on Sunday, April 13.
Today’s Biget’s VOXEL/USDT trading slippage and Mantra’s recent token crash highlight fragmented liquidity issues within the crypto market. Without adequate solutions to such concerns, greater disastrous volatilities are set to trigger more tokens’ crashes similar to previous unexpected crises like the Terra-Luna collapse.
