Everyone, there’s new gossip about Bitget being severely hit by VOXEL that we discussed before!
1. Root of the Crisis: Poor Risk Control and Slow Response
Do you remember? On the afternoon of April 20, the price of the VOXEL/USDT perpetual contract fluctuated wildly between 0.125U - 0.148U, with trading volume surging to 12.7 billion USD.
Behind this is Bitget's poor liquidity risk management, which is slow to respond to abnormal situations regarding price, trading volume, funding rates, and trading users.
The market-making strategy was not subjected to extreme market pressure testing, and the funding rate mechanism lacked a 'dynamic rate cap', directly attracting users to take advantage.
Is it a system bug or limited capability? Bitget insists it’s a system bug, but everyone is murmuring that perhaps the root cause is their limited capability?
2. Public Relations Crisis: Trying to 'Turn Crisis into Opportunity', but Falling into a Trust Crisis
After the incident, Bitget wanted to play 'Turn Crisis into Opportunity', but unfortunately, in the financial circle, 'black red is still red' doesn’t work.
The public relations content is vague, communication with users is not smooth, and the community sentiment was not handled well. They tried to use legal means, but the contradictions intensified, leading to a new regulatory compliance crisis.
They rolled back the trades, deeming the profits from those trades as 'improper gains'. Although they did not try to recover from some users to improve goodwill, the result was counterproductive.
3. Latest Follow-up: Undercurrents Behind the Statement
Bitget's Xie Jiayin has spoken out, saying that 8 legal letters were sent, targeting 8 suspected professional arbitrage accounts, which are the main cause of this incident, with profits exceeding 20 million USD.
Funds will be recovered and airdropped to platform users. They also said that users who participated in trading and withdrew between 16:00 - 16:30 on April 20, except for these 8 accounts, need not worry; their accounts have been restored to normal. However, this statement did not fully convince everyone, as the previous public relations operations had severely damaged goodwill.
4. Soul-Searching Question: Where Does the Industry Go from Here?
