Apr 23, 07:49 AM

Bitget Loses $100M+ in VOXEL/USDT Glitch, Gate.io Pledges 100% Compensation Excluding Market Factors

Bitget, a cryptocurrency exchange, experienced a significant glitch in its VOXEL/USDT perpetual futures market on April 20, leading to a reported loss of over $100 million. The glitch allowed traders to exploit a market-making bot, which repeatedly bought high and sold low, enabling some to turn $100 into $3 million in 10 minutes and another to amass $42 million. The incident raised suspicions of market manipulation. In response, Bitget froze accounts and rolled back trades to mitigate the damage. The exchange's CEO, Gracy Chen, who had previously criticized competitors for similar actions, found herself defending the decision to reverse trades. Bitget plans to compensate affected users using its $300 million protection fund. Separately, Gate.io, another cryptocurrency exchange, encountered a system outage on April 23, resulting in the temporary disappearance of funds in futures accounts. The exchange completed an emergency upgrade and pledged 100% compensation to users affected by the outage, although the compensation excludes losses due to market factors. Gate.io reported processing over $4 billion in spot and $17 billion in derivative volume in the last 24 hours despite the outage.

#Bitget #Gracy Chen

Written with ChatGPT .

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