According to Bitget, the exchange has decided to delist TokenFi (TOKEN) due to potential price manipulation and liquidity issues. However, the Floki team has responded by accusing Bitget of listing a fake version of the token against their requests. The listed version of the token reportedly resulted in millions worth of trades.
What is Floki saying about the listing?
Floki claims that Bitget ignored their request not to list the token until after seven days of its launch. They also allege that the listed version was a “fake” one. Floki further states that Bitget allowed trades worth millions of dollars on the token without having the equivalent assets to facilitate customer withdrawals.
One of Floki’s announcements warning against the fake token can be found in a tweet:
IMPORTANT TOKENFI NOTICE
As we communicated earlier, any TokenFi CEX listing that happened today was not… https://t.co/Zu2w3GuDGt
— FLOKI (@RealFlokiInu) October 27, 2023
Floki accuses Bitget of listing the token 12 minutes before it officially became tradable. They state that the exchange traded tens of millions of dollars in $TOKEN volume without any blockchain evidence of actually having the token in their wallets.
In response to the allegations, Bitget reportedly has a $10 million hole that it needs to fill, which requires about 10% of the TokenFi total supply. However, due to limited liquidity, the exchange is unable to buy the token from the market.
Bitget had previously accused Floki of not providing enough liquidity after the token’s launch and had doubts about the token’s treasury and vesting schedule.
Frequently Asked Questions (FAQ)
What is the reason for Bitget delisting TokenFi (TOKEN)?
Bitget decided to delist TokenFi due to potential price manipulation and liquidity issues.
What has Floki accused Bitget of?
Floki has accused Bitget of listing a fake version of TokenFi against their requests and allowing trades on the token without having the necessary assets for customer withdrawals.
What is the impact of the fake token listing on Bitget?
Bitget has incurred a $10 million loss due to the fake token listing, which requires them to acquire a significant amount of TokenFi supply. However, limited liquidity prevents the exchange from purchasing the required tokens from the market.
What were the previous allegations made against Floki by Bitget?
Bitget previously accused Floki of not providing enough liquidity after the token’s launch and had doubts about the token’s treasury and vesting schedule.