Bitget Addresses VOXEL Exploit with User Airdrop Compensation

Bitget Faces $20M VOXEL Security Breach

Bitget experienced a significant security breach, where an organized group exploited a glitch to manipulate VOXEL token markets. The exploit allowed them to gain over $20 million, prompting Bitget to take swift action.

Key figures involved include Gracy Chen, CEO of Bitget, and Xie Jiayin, Head of Asia. They announced Bitget’s plan to distribute full refunds via airdrops and pursue legal action against the perpetrators.

VOXEL Price Surges 200% Post-Attack

The attack caused VOXEL’s price to spike over 200%, significantly impacting market trading volumes. Bitget responded by freezing suspicious accounts and reversing suspicious trades, showing its commitment to user protection.

Bitget transferred 40,000 ETH, valued at $105 million, to Bybit to provide post-hack liquidity support. This demonstrates mutual exchange-level support and showcases Bitget’s role in maintaining market stability.

Proactive Compensation and Legal Action by Bitget

Similar incidents like the Poly Network and Ronin Network hacks reflect recurring challenges in crypto security. Past events often resulted in partial fund recovery and increased calls for security enhancements.

Experts suggest that swift compensation and legal recourse are critical in maintaining user trust. Bitget’s actions depict a proactive approach, likely improving resilience against future security challenges.

Gracy Chen, CEO of Bitget, stated, “At Bitget we strongly believe in supporting the community and everyone contributing towards the growth of crypto.”