Bitget addresses the abnormal VOXEL trading surge by rolling back trades and compensating users, ensuring asset security with its $300 million fund.
- Bitget addresses unusual VOXEL trading activity and user compensation.
- Assures security with a $300 million protection fund.
- VOXEL trading activity exceeds Bitcoin’s on Bitget at its peak.
Bitget initiated rollbacks and compensation after an abnormal surge in VOXEL trading on October 2023, involving contracts with USDT.
This event underscores significant market volatility, highlighting the need for robust exchange protection mechanisms amid a 200% increase in VOXEL prices.
Bitget Rollbacks in Response to VOXEL Anomalies
Bitget faced trading anomalies with VOXEL, prompting trade rollbacks. The primary cause involved individual market participant actions. This action is intended to restore market integrity and protect user assets.
CEO Gracy Chen confirmed all VOXELUSDT trade issues will be addressed within 24 hours. Compensation efforts show their commitment to maintaining a secure trading platform amid unexpected fluctuations.
$300 Million Fund Safeguards Amid VOXEL Volatility
The abrupt VOXEL price surge, exceeding 200%, highlighted vulnerabilities in trading protocols. Users initially faced account restrictions and issues related to profit/loss calculations but user funds remain secure.
Financial security is reassured via Bitget’s $300 million protection fund. This allocation reflects Bitget’s proactive approach in ensuring business continuity and safeguarding users amidst unforeseen trading scenarios.
Gracy Chen, CEO, Bitget: “User assets remain secure. This issue was isolated and not platform-wide. For any residual losses, Bitget is fully prepared to offer compensation. Our $300 million protection fund provides more than sufficient backing to support our users in such events, assuring that user assets remain secure.”
Lessons from Hyperliquid-JELLY Exploit Inform Response
Bitget’s response is reminiscent of the Hyperliquid-JELLY exploit, where manipulation prompted similar backlash and protective measures. This precedent may guide future processes in handling similar trading incidents.
Historical patterns suggest that transparent compensation mechanisms may bolster user trust. Experts emphasize the importance of strong risk management strategies to mitigate trading risks and prevent future anomalies.
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