The Blockchain Bulletin April 29: Bitget Sues Traders Over $20M VOXEL Fraud

Hey folks! Welcome to the latest edition of The Blockchain Bulletin. Over the past week, the VOXEL Futures market was under scrutiny as Bitget smelled foul play. At the end of the investigations, Bitget filed lawsuits against eight accounts for manipulating the Futures Market.

According to Bitget’s head of Chinese operations, Xie Jiayin, the professional arbitrage groups raked over $20 million in improper gains during an explosive surge in trading activity on April 20. The VOXEL/USDT perpetual futures market saw a jaw-dropping spike, with trading volumes crossing $12 billion, and the price leaped from $0.021 to $0.139 before crashing to $0.074, per CoinGecko data. 

Meanwhile, the ProShares Trust secured the SEC approval to launch three XRP futures-based ETFs. Scheduled to begin trading on April 30, Ultra XRP, Short XRP, and Ultra Short XRP will offer various exposure strategies to XRP’s price movements, but without direct ownership of the token. However, the approval of spot XRP ETFs is still pending, and the decision is expected in May. With the approval, ProShares marks another milestone for regulated crypto investment tools.

On the regulatory side, Nike faces a $5 million class-action lawsuit, following the abrupt closure of the RTFKT NFT platform in January. Led by Jagdeep Cheema, the case filed at the Brooklyn federal court alleged that Nike sold sneaker-themed NFTs as unregistered securities. The sales, which were boosted by the brand power, caught investors off guard when it closed abruptly, leaving traders with devalued digital assets. The case is stated to raise high questions about NFT marketing and regulatory compliance in the Web3 era.

On the market side, Ethereum is preparing for a massive scalability leap. Researcher Dankrad Feist has proposed EIP-9698 to increase Ethereum’s gas limit by 100 times over four years. If approved, it could be utilized from June 1, 2025, wherein Ethereum would gradually expand its capacity from 20 transactions per second to nearly 2,000, making it a tough contender. Feist noted that the move aligns with expected hardware and protocol advancements, ensuring sustainable network growth without breaking the system.

Related: The Graph Price Prediction 2025-35: Will It Hit $50 by 2035?

Apart from that, Grayscale Investments held talks with the SEC’s Crypto Task Force to discuss updates to its Ethereum Trust and Mini Trust ETF filings. A key focus of the talks was incorporating staking into the funds, a feature Grayscale argues is critical for competitiveness and investor benefits. Craig Salm, Grayscale’s Chief Legal Officer, emphasized that U.S. regulations must evolve to align with global norms to ensure Ethereum’s healthy development.

Meanwhile, Dogecoin is stuck in price action at about $0.18108, teasing a crucial monthly close above $0.20. According to analyst Ali, the level could spur the price toward the all-time high of $0.73905. The Dogecoin chart is exhibiting bullish signals as it trades within a long-term ascending channel and tests the Fibonacci levels. So, assuming no major glitches intervene, the next immediate targets could be $0.35 and $0.55.

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