Event Overview
B Exchange found that 8 suspected related Shenzhen accounts were suspected of using VOXEL trading loopholes to conduct systematic arbitrage, making improper profits of more than 20 million US dollars. These accounts were accused of being the main planners of the VOXEL incident, which quickly sparked heated discussions in the community.
B Exchange emphasized that the behavior of these eight accounts was different from ordinary retail transactions, but rather highly organized professional arbitrage operations. The platform has decided to take legal action to pursue responsibility, and will issue eight lawyers' letters in succession, and promised that 100% of the recovered funds will be returned to users in the form of airdrops.
One user commented: "The PR department should be familiar with Mao's Selected Works! Unite some, isolate some, and win over some."
Exchange B’s response: Legal accountability and user protection go hand in hand
1. Trading suspension and account freezing
After the incident, Exchange B quickly suspended VOXEL trading pairs and froze accounts suspected of market manipulation to prevent further losses. The platform stated that the risk control system automatically triggered the protection mechanism as soon as it detected abnormal transactions.
2. Legal accountability
Exchange B confirmed that a legal team led by Chief Legal Officer Hon Ng will send a lawyer’s letter to the eight accounts involved and proceed with subsequent legal procedures.
CEO Gracy Chen publicly stated: 100% of the recovered funds will be used to compensate users and fulfill our commitment to the community.
3. User Compensation Plan
B Exchange promised to use a $300 million protection fund to compensate users who suffered losses due to the VOXEL incident. On April 22, the platform had basically completed transaction rollbacks and account recovery, and launched a second internal audit to ensure that profit and loss calculations were accurate.
4. Clarify the scope of user responsibility
B Exchange emphasized that, except for the 8 accounts involved, other users who participated in VOXEL transactions and withdrew funds between 16:00-16:30 (UTC+8) on April 20 will not be held accountable. All related accounts have been restored to normal use on April 23.
5. Release a full incident report
Exchange B promises to release a complete accident report on the VOXEL incident as soon as possible, disclosing in detail the cause, impact and subsequent improvement measures of the incident to respond to community concerns and restore the truth of the incident.
Community response: support and doubt
The VOXEL incident has sparked widespread discussion in the crypto community.
Some users expressed support for Exchange B’s quick response and transparent attitude. One user commented: “Exchange B made things clear quickly this time and also recovered funds to compensate users. It really stood on the side of retail investors.”
Some voices also expressed concerns:
● Inadequate risk control system: "8 accounts were targeted with BUGs, how come risk control didn't find it in the first place?"
● Questioning internal loopholes: “Are there loopholes in the proprietary market-making team of Exchange B? This needs to be thoroughly investigated.”
● Potential trust crisis: "If not handled carefully, Exchange B will face severe trust challenges."
Industry revelation: CEX's regulatory and trust challenges
The VOXEL incident exposed the risks of centralized exchanges (CEX) in market monitoring and system stability, and also triggered industry reflection on the risks of high-leverage trading of small-cap tokens.
Market analysts pointed out that such incidents may accelerate the tightening of global regulation of trading platforms, especially in terms of anti-market manipulation and user protection.
As a well-known trading platform, how B Exchange handles this incident will directly affect its industry status and user trust.
CEO Gracy Chen once emphasized: "Trust is the cornerstone of the exchange." The final outcome of the VOXEL incident may become a critical moment to test this commitment.
Conclusion
As the accident report is released and legal accountability is pursued, the truth of the VOXEL incident will further surface. Whether Exchange B can maintain its position in the storm has attracted much attention from the global community.
Attachment: Lawyer’s letter
Note: This article is based on market news and is for reference only. Investing in crypto assets is extremely risky, please make decisions carefully.
