"Amidst Bitget glitch, VOXEL token skyrockets 200%, igniting a $12.7 billion frenzy in trading"
Springtime Surge: The Unexplained 200% Jump of VOXEL Tokens
In an unexpected turn of events, the gaming token VOXEL,not exactly a household name, skyrocketed by an astonishing 200% in just 24 hours on April 20, following a suspected technical glitch on Bitget's trading platform. This surge propelled the VOXEL/USDT contract’s trading volume to an astounding $12.7 billion, far surpassing Bitcoin’s $4.76 billion volume on the same platform.
Cashing in on a Chaotic Craze: Bitget's Trading Gaffes
The abrupt spike stirred excitement across the crypto realm, primarily given VOXEL's relatively low profile as a free-to-play blockchain game token with a market cap of mere $30 million. According to on-chain analyst Dylan, Bitget's automated trading bot appears to have repeatedly executed trades within the close price range of $0.125 to $0.138. Shrewd traders swiftly seized this opportunity, generating six-figure profits with just a $100 investment.
Initial reports suggest that the glitch allowed some accounts to accumulate tens, even hundreds of thousands of USDT in a matter of hours. In response, Bitget's spokesperson, Xie Jiayin acknowledged the issue and initiated an internal investigation. Affected accounts were also temporarily restricted, and users were urged to contact in-app support for assistance.
"Every venture, regardless of the stage, may encounter challenges and uncertainties. Bitget vows to provide updated information regarding the incident resolution within 24 hours," Jiayin added.
A Controversial Case: Bitget's Response and Resilience
However, Bitget's handling of the situation has sparked controversy among market experts and traders, who question the platform's internal safeguards and technical maturity. Some members of the community have accused Bitget of breaching user trust by forcibly settling VOXEL contracts at a discounted rate and criticizing the exchange's hybrid custody model.
"The platform's product design reveals concerning flaws: a hybrid custody risk pool exposes users to systemic risks, and unrestricted position sizes open the door to manipulation. If these issues are not addressed, more altcoins could be weaponized against Bitget, potentially making it the next catastrophic failure in the crypto space," one analyst claimed.
Moreover, the incident's timing is noteworthy, as VOXEL is currently listed on Binance's "Vote to Delist" program. This campaign aims to bolster transparency and give the community a voice in token listings.
Overall, the Bitget incident raises concerns about potential market manipulation involving the token and underscores broader risks associated with centralized exchanges.
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The original piece was written to focus on a "known" gaming token, VOXEL. To provide a fresh perspective and maintain clarity, the revised version highlights the relatively low profile of VOXEL as a gaming token with a market cap of $30 million.
Minor changes have been made in the sentence structure to ensure readability and originality.
- Trading activity for VOXEL, a lesser-known gaming token with a market cap of $30 million, soared unexpectedly by 200% in 24 hours on Bitget's platform, allegedly due to a technical glitch.
- This surge catapulted the VOXEL/USDT contract's trading volume to an astounding $12.7 billion, exceeding Bitcoin's volume on the same platform.
- Bitget's automated trading bot appears to have repeated trades within a close price range of $0.125 to $0.138, a discovery made by on-chain analyst Dylan.
- These opportunities were swiftly seized by traders, resulting in six-figure profits for some with just a $100 investment.
- The glitch allowed some accounts to amass tens, even hundreds of thousands of USDT in a matter of hours.
- Responding to the incident, Bitget's spokesperson, Xie Jiayin, confirmed the issue and initiated an internal investigation.
- Controversy has arisen over Bitget's handling of the situation, with some questioning the platform's internal safeguards and technical maturity.
- The incident also brings attention to broader risks associated with centralized exchanges, particularly the potential for market manipulation involving lesser-known tokens like VOXEL.
