Bitget to Take Legal Action Against 8 Individuals Responsible for Voxies Price Volatility Incident

Last week, Bitget faced investor dissatisfaction due to the price surge and drop in the Voxies (VOXEL) perpetual futures product. The company is now taking legal action against the perpetrators of the incident.

According to Cointelegraph, a cryptocurrency-focused media outlet, Bitget's China business head, Xie Zhiain, announced on X (formerly Twitter) that "legal letters will be sent to the 8 accounts identified as responsible for the incident."

Zhiain explained, "They are the main culprits of the Voxies incident and have gained unjust profits amounting to $20 million."

He also stated, "Bitget will recover the funds and airdrop 100% of the recovered funds to the users."

Previously, on the 20th, Bitget exchange recorded a trading volume of $12 billion in the Voxies perpetual futures product in an instant, with the Voxies token price soaring by 200%. Initially, there were opinions that it was an exchange error, but after investigation, it was reported to be a market manipulation act.