Bitget Suspends Accounts Linked to Suspicious Trades

Bitget Suspends Accounts Over Market Manipulation Suspicions

Bitget Suspends– Cryptocurrency exchange Bitget flagged “abnormal trading activity” on its VOXEL/USDT perpetual futures contracton April 20, from 8:00 to 8:30 UTC. As a result, the exchange temporarily suspended accounts suspected of manipulating the market.

In an official announcement, Bitget revealed that it would reverse any gains made from suspicious trades within 24 hours. The platform will also take action to recover the funds from these accounts. Despite these issues, Gracy Chen, Bitget’s CEO, reassured users, stating, “The losses are not platform-wide, and user funds remain safe.”

Bitget’s CEO also emphasized that the trades were conducted between individual participants, not the platform itself. The exchange’s protection fund, which stands at $300 million, is set to cover any residual losses, ensuring users’ assets remain secure.

Comparisons to Hyperliquid’s March Incident

The situation has sparked discussions around the responsibilities of exchanges in handling trading anomalies. Some traders have drawn parallels between Bitget’s actions and the Hyperliquid-Jelly exploit from March 2025. In that incident, Hyperliquid delisted the JELLY memecoin after a trader exploited its price with an aggressive position, causing a major disruption on the exchange.

Chen, a vocal critic of the Hyperliquid incident, stated, “The decision to delist JELLY and force settlements sets a dangerous precedent. Trust — not capital — is the foundation of any exchange.”

This incident has raised important questions about how exchanges should handle market manipulation and what safeguards should be in place for users.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.