Bitget Sends Legal Notice to Users Due to VOXEL Incident? Senior Management Provides Explanation

Table of Contents

• Bitget Sends Legal Letters to Users
• Bitget Executives Explain
• High-Frequency Market Makers Cry Foul

Bitget Sends Legal Letters to Users

Recently, a document suspected to be a legal letter commissioned by Bitget Exchange has emerged in the community, requesting users involved in the VOXEL contract exploitation incident to return improper benefits, or else legal actions will be pursued. There are currently differing opinions regarding the question of whether the responsibility for the exploitation of the VOXEL market-making vulnerability lies with the platform or the participants, leading some community members to question Bitget’s decision to send legal letters to users.

However, the actual legal validity of this letter remains unclear, as cryptocurrency is considered an illegal financial activity in China and is not protected by law. Thus, its function may be more about intimidation rather than a genuine intention to resort to legal enforcement. Chinese KOL BITWU commented on X:
“This legal letter’s authenticity is questionable; if it is real, I believe it is more of a public relations move rather than a real intention to wage a cross-border, cross-jurisdictional litigation war.”

In response to the widely circulated legal letter, Bitget’s Chinese-speaking head, Xie Jiayin, confirmed the letter’s authenticity and explained that it “only targets the owners of 8 accounts suspected to be linked to a profit-seeking group.” Xie Jiayin further stated that these accounts are the primary culprits of the VOXEL incident, having gained improper profits exceeding 20 million USD.

Apart from these 8 accounts, all other users who participated in VOXEL trading and withdrew funds between 16:00 and 16:30 on April 20 will have their accounts remain operational and will not be held accountable in the future. Additionally, Xie Jiayin promised that the recovered funds will be distributed 100% to platform users in the form of airdrops.

In response to Xie Jiayin’s explanation, many retail investors expressed their agreement (as it would not affect them and they still have a chance to receive airdrops). However, an individual claiming to be part of the involved market-making team disclosed on X that their team is a qualified market maker for Bitget but has been labeled as a “profit-seeking group” by the exchange.

This user criticized Bitget’s unilateral rollback of trades as lacking legitimacy and accused Bitget of colluding with corrupt officials in remote regions of China, which led to the freezing of the market maker’s Binance account. As of now, Bitget has not responded to this user’s allegations.