Source: The Block
Cryptocurrency exchange Bitget stated that it will take legal action against eight accounts suspected of manipulating the platform market, illegally profiting $20 million.
The platform has pledged to return any recovered funds to platform users in the form of airdrops.
Bitget announced that it will take legal action against eight accounts suspected of manipulating the VOXEL market, profiting $20 million, and the platform is continuing to investigate the 'unusual trading activity' from last Sunday.
On April 20, a little-known token market named VOXEL suddenly saw a large volume of trading on Bitget. This token is the native token of the Polygon-based RPG game Voxie Tactics, and its price increased by over 500% within two days. Bitget subsequently announced that it would roll back transactions in the market during the investigation of the 'unusual trading' activity.
Although Bitget has not released a comprehensive post-event report on the incident, Bitget's head of Asia, Xie Jiayin, stated on X that the exchange will send legal letters to the owners of eight accounts suspected of being 'professional arbitrage' groups for manipulating the market and profiting $20 million. Typically, a legal letter is a prelude to more formal legal action.
"All recovered funds will be returned to platform users at a rate of 100% through airdrops," Xie's post translation noted. "We will release a complete report on the VOXEL incident as soon as possible to present the full facts."
This $20 million loss adds to the recent increase in hacking attacks and exploitation incidents, including a $5.8 million attack on the Solana DeFi platform Loopscale two weeks after its launch, and a $49 million loss of the stablecoin neoback Infini. Source: The Block
Cryptocurrency exchange Bitget stated that it will take legal action against eight accounts suspected of manipulating the platform market, illegally profiting $20 million.
The platform has pledged to return any recovered funds to platform users in the form of airdrops.
Bitget announced that it will take legal action against eight accounts suspected of manipulating the VOXEL market, profiting $20 million, and the platform is continuing to investigate the 'unusual trading activity' from last Sunday.
On April 20, a little-known token market named VOXEL suddenly saw a large volume of trading on Bitget. This token is the native token of the Polygon-based RPG game Voxie Tactics, and its price increased by over 500% within two days. Bitget subsequently announced that it would roll back transactions in the market during the investigation of the 'unusual trading' activity.
Although Bitget has not released a comprehensive post-event report on the incident, Bitget's head of Asia, Xie Jiayin, stated on X that the exchange will send legal letters to the owners of eight accounts suspected of being 'professional arbitrage' groups for manipulating the market and profiting $20 million. Typically, a legal letter is a prelude to more formal legal action.
"All recovered funds will be returned to platform users at a rate of 100% through airdrops," Xie's post translation noted. "We will release a complete report on the VOXEL incident as soon as possible to present the full facts."
This $20 million loss adds to the recent increase in hacking attacks and exploitation incidents, including a $5.8 million attack on the Solana DeFi platform Loopscale two weeks after its launch, and a $49 million loss of the stablecoin neoback Infini.
