Cryptocurrency exchange Bitget discovered “abnormal trading activity” on the VOXEL/USDT perpetual futures contract on April 20, between 8:00 to 8:30 UST, and paused accounts that the exchange suspected of market manipulation.

According to an April 20 announcement from the exchange, Bitget will roll back the accounts suspected of market manipulation within 24 hours, clawing back gains made from the trades.

Bitget CEO Gracy Chen told Cointelegraph the trades were between individual market participants and not the platform itself. Chen also said that the losses are not platform-wide and that user funds remain safe.

VOXEL-USDT perpetual futures contract spikes by over 138% in a single day. Source: TradingView

The crypto exchange also plans to compensate users who suffered losses due to the alleged market manipulation and will announce a compensation plan soon, Chen confirmed to Cointelegraph. The Bitget CEO added:

“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.”

The incident has called into question the obligations of exchanges under pressure from trading abnormalities and electronic trading bugs, with some traders comparing the Bitget incident to the Hyperliquid-Jelly exploit in March 2025.

Related: Hyperliquid JELLY ‘exploiter’ could be down $1M, says Arkham

Hyperliquid debacle all over again?

On March 26, a trader “exploited” the price of the Jelly-my-Jelly (JELLY) memecoin on the Hyperliquid exchange by hedging a long position against an equivalent short position.

The price of JELLY pumped by over 400%, triggering a liquidation of the short positions. However, because the position was too large, it was sent through the Hyperliquidity Provider Vault (HLP).

JELLY memecoin surges by over 400% during Hyperliquid incident. Source: TradingView

In response to the trading activity, Hyperliquid delisted JELLY perpetual contracts, drawing widespread condemnation from the crypto community.

Bitget CEO Gracy Chen was among the most vocal critics of Hyperliquid, slamming the exchange for delisting Jelly and causing financial losses for users.

“The decision to close the JELLY market and force settlement of positions at a favorable price sets a dangerous precedent. Trust — not capital — is the foundation of any exchange,” Chen wrote in a March 26 X post.

Magazine: DeFi will rise again after memecoins die down: Sasha Ivanov, X Hall of Flame 

Ethereum co-founder Vitalik Buterin has proposed replacing the current Ethereum Virtual Machine (EVM) contract language with the RISC-V instruction set architecture to improve the speed and efficiency of the Ethereum network’s execution layer.

Buterin’s April 20 proposal outlined several long-term bottlenecks for scaling the Ethereum network including, stable data availability sampling, ensuring block production remains competitive, and zero-knowledge EVM proving.

The Ethereum co-founder argued that implementing the RISC-V architecture in smart contracts would keep block production markets competitive and improve the efficiency of zero knowledge functions for the execution layer. Buterin wrote:

“The beam chain effort holds great promise for greatly simplifying the consensus layer of Ethereum, but for the execution layer to see similar gains, this kind of radical change may be the only viable path.”

The proposal highlights the Ethereum network’s struggle to improve throughput and remain competitive with next-generation monolithic blockchains such as Solana and the Sui networks at a time when investors are losing confidence in the original smart contract blockchain.

Buterin provides numbers suggesting that implementing the proposal could lead to efficiency gains of 100x. Source: Vitalik Buterin

Related: Vitalik Buterin unveils roadmap for Ethereum privacy

Ethereum’s scaling woes and a collapse of Ether’s price

Ethereum’s blob fees, transaction fees taken from Ethereum layer-2 scaling networks, dropped to a weekly low of 3.18 Ether (ETH) during the week of March 30, according to data from Etherscan.

Using current Ether prices, the 3.18 ETH collected for blob fees during the period equaled approximately $5,000.

In April 2025, Ethereum network fees dropped to their lowest levels since 2020, averaging around $0.16 per transaction.

According to Santiment marketing director Brian Quinlivan, the dramatic reduction in fees is due to fewer users sending transactions on the Ethereum base layer, opting instead to use smart contracts or one of Ethereum’s many layer-2 scaling solutions.

Ethereum network weekly transaction fees declined significantly in Q1 2025. Source: Token Terminal

Ethereum’s layer-2 networks have been described as a double-edged sword that dramatically lowered transaction costs on the base layer but also cannibalized the Ethereum base layer’s revenue.

Concerns surrounding revenue generation on the base layer and the corrosive effects of layer-2 scaling solutions on Ethereum’s market share have driven the price of Ether to historic lows and could plunge Ether prices further to around $1,100 if investor confidence continues to wane.

Magazine: Proposed change could save Ethereum from L2 ‘roadmap to hell’

Opinion by: Henry Duckworth, founder and CEO of AgriDex

We all need and buy it. Food is a common, universal ground across the planet. It should come as no surprise then that the agricultural industry is enormous. In 2023, the European Union alone imported 154 million tonnes of agricultural products and exported 134 million tonnes more. The market is growing too, projected to expand by 3.45% annually from this year to reach $5.52 trillion by 2029. 

Yet, farmers and agricultural traders are confronted with a serious problem. They need to export food abroad and interact with foreign currencies. The financial system — particularly in Africa — is, however, underdeveloped. Inefficiencies in their trade result in high transaction costs, delayed cross-border payments, and high interest rates for loans. Large corporations can better navigate financial hurdles, but this isn’t always the case for small farmers, who suffer the most from outdated banking systems.

Blockchain technology and stablecoins promise to smooth unstable waters for agricultural traders. Eliminating intermediaries and providing financial inclusion, the technology gives farmers direct access to global markets. With Africa’s food and agriculture market predicted to be valued at $1 trillion by 2030, stablecoins stand to be much more than simply another financial trend for the industry.

Cross-border payments are hiding significant costs

Cross-border payments are the beating heart of agricultural trade, central to accessing resources, such as equipment and seeds, or engaging in trade between countries. International transactions are vital to African agriculture, as exports within Africa represent only 17% of total African exports. 

Local banking systems are, however, underdeveloped and impede these payments to a shocking degree. A huge sticking point is that traditional banking systems are expensive — they charge farmers between 3% and 6% in fees. This is no small matter when profit margins are already thin.

In transactions, the demand for an intermediary currency, typically the US dollar, leads to even more exchange rate losses, often falling within the 3%-10% range. This affects small businesses in Africa, which can pay nearly 200% more than larger companies to clear their transactions through formal channels.

As if the expense wasn’t bad enough, the process is also painfully slow. Farmers can expect to wait up to 120 days for payment settlements. These delays are devastating for businesses relying on quick access to funds. They are forced to take out high-interest loans with no immediate liquidity, further eroding their earnings.

Stablecoins can fix agricultural trade

Frustratingly outdated financial systems hamper the global agricultural industry, but a glimmer of hope is arriving in the form of stablecoins. Poised to reshape the agricultural trade, crypto offers farmers three key pillars of transformation.

Stablecoins mean farmers and traders can bypass banking inefficiencies. With intermediaries taken out of the picture, they can transact instantly and with lower costs. Farmers save between 3%-6% per payment, and funds are received in minutes rather than in painful waits of weeks or months. The result? These players have the working capital needed to stay in business.

Traders can forget about unstable local currencies. By pricing their goods in a stable digital asset, they can gain access to global markets. Fluctuating exchange rates will become a problem of the past. Businesses operating in countries with volatile currencies will feel that relief most acutely, as sudden devaluations in a currency have the power to wipe out profits overnight.

Recent: Web2 is failing vertical farms — they need DePIN to survive

The agricultural trade is crippled by immense, systemic fraud and supply chain inefficiencies, with global food fraud costing $40 billion annually and global trade in fake goods another staggering $500 billion. Stablecoins could be transformative in reducing the original movement of counterfeit goods across supply chains, making the industry far more efficient.

Results are already being seen in African agribusiness. Zimbabwe-based conglomerate Parrogate, for example, is committing to blockchain to streamline payments to its suppliers while improving cross-border trade efficiency. The company, which prides itself on growth and development across the continent, is just one of numerous African businesses getting behind stablecoins and reaping the benefits.

Agriculture still faces global challenges

Stablecoins should be music to the ears of those working in agriculture. The road there could, however, be rocky. Significant regulatory uncertainty, especially in Africa, is one hurdle. Many nations have strict capital outflow controls, so farmers and traders must comply with local regulations or face legal issues.

Another limitation is technological barriers and an education gap across the industry, which prevent some farmers from fully grasping and using the technology. European farmers, who need stablecoins less because infrastructure is pretty well established, will also not have full access to these stable mechanisms for facilitating trade.

There are barriers, but the demand for stablecoins in African agriculture is undeniable. There is a strong willingness within the agricultural community to get on board with compliant stablecoins that support cross-border liquidity.

The mass adoption of stablecoins won’t happen overnight, but that’s not to say that this industry isn’t progressing toward the digital. The offer of stablecoins is tantalizing — instant transactions, lower fees and enhanced financial access. It’s only a matter of time before more farmers make the switch.

Agricultural traders struggling under the weight of an outdated and intrusive banking system are ready for greater financial inclusion. And we should be, too. This industry connects us all and will be lifted by stablecoins. The tech will be transformative for the field — not just as an innovation, but as an essential evolution.

Opinion by: Henry Duckworth, founder and CEO of AgriDex.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.