In a whirlwind two-hour frenzy, Bitget traders pocketed over $100 million on April 20, 2025, capitalising on a shocking market-maker bot malfunction.
The glitch triggered wild price swings for the obscure gaming token $VOXEL, turning an ordinary evening into a high-stakes trading bonanza. Here’s how a tiny token became the centre of a crypto storm and what it reveals about exchange vulnerabilities.
Minute-by-Minute: Traders Strike Gold
At 19:22 UTC, a $3 million wallet began trading $VOXEL futures, igniting a chain reaction. Within minutes, prices swung 10% every 1–2 seconds, creating a playground for rapid buy-sell strategies.
By 19:29, profits flooded into stablecoins like BNB and SOL as traders cashed out. By 21:22 UTC, volumes hit $12.7 billion, triple Bitcoin’s activity on Bitget, with users reportedly transforming $100 into six-figure sums. “It was like catching money falling from the sky,” one trader tweeted.
The Gaming Token No One Saw Coming
Originally tied to the niche game Voxie Tactics, $VOXEL had a modest $23 million market cap before the exploit. Its thin liquidity made it prone to volatility, yet nothing hinted at the $12.7 billion tsunami ahead. Analysts called it a “perfect storm”: a low-profile asset suddenly thrust into the spotlight by a bot’s failure. While the token briefly spiked 150%, the frenzy wasn’t about $VOXEL’s value; it was pure opportunism.
How A Glitch Fueled All Of This Chaos
The crisis began when Bitget’s market-maker bot misfired, flooding the $VOXEL/USDT futures pair with erratic orders. Normally, these bots stabilise prices, but this one did the opposite, creating predictable 10% swings.
Traders pounced, using high leverage to amplify gains. Crucially, orders were filled instantly, a red flag suggesting the bot wasn’t adjusting to real-time data. “It wasn’t trading; it was a slot machine,” remarked crypto analyst @0xFrogify.
Bitget’s Damage Control Sparks Outrage
As news spread, Bitget froze accounts and reversed trades, citing “market manipulation.” CEO Gracy Chen promised compensation but offered few details, angering users who saw profits vanish overnight.
“You can’t blame us for your bot’s mistake,” argued trader @CryptoQingshui. Meanwhile, withdrawals surged as trust eroded. Critics slammed the response as “unprofessional,” noting the exchange’s failure to halt trading sooner despite abnormal activity.
Hypocrisy Exposed: CEO’s Past Critique Backfires
Ironically, Bitget had recently chastised rival Hyperliquid for a similar $JELLY token incident, with Chen warning it could become “FTX 2.0.” Now, users echoed her words back: “Look who’s talking,” tweeted @DefiDetective. The hypocrisy shows broader CEX vulnerabilities, with traders questioning if any platform is truly safe. Chen’s team has yet to address the comparison publicly.
Lessons From the $100M Madness
The heist exposes critical risks in centralised exchanges. While traders profited, the fallout highlights how bot failures and low-liquidity tokens can combine dangerously. Experts urge stricter bot oversight and transparency, while users increasingly favour decentralised platforms. As Bitget scrambles to rebuild trust, one lesson is clear: In crypto’s Wild West, fortune favours the swift, but the house doesn’t always win.
For now, the $VOXEL saga remains a cautionary tale of greed, glitches, and the thin line between luck and exploitation.
