“On the afternoon of October 31st, the Bitget exchange announced the delisting of TokenFi (TOKEN) from its platform starting from October 31st due to liquidity manipulation concerns.
Specifically, Bitget had listed TokenFi (TOKEN), which was launched by the meme coin project Floki, on the evening of October 27th. However, after this listing, the exchange observed suspicious price fluctuations and discovered that the project had added at least 2,000 tokens to liquidity pools on various decentralized exchanges (DEXs), raising suspicions of market manipulation and fraud.
Furthermore, upon deeper investigation, Bitget found numerous issues with the project’s tokenomics, which lacked transparency. In order to safeguard its users, the exchange decided to cease support for TokenFi.
Following this decision, a war of words ensued. Both Floki and Bitget began accusing each other of market manipulation.
The Floki team claimed that Bitget had listed the token ahead of its scheduled release, and the TokenFi (TOKEN) on Bitget was a “fake token.” According to Floki, since Bitget unilaterally listed the token prematurely, there were no tokens available for users to trade, resulting in withdrawal issues. Ultimately, Bitget had to bear a debt of $20 million to customers with no TOKEN assets to cover this debt.
Floki also claimed that Bitget had attempted to purchase tokens from TokenFi’s treasury at a 90% discount compared to the current market price, but the TokenFi team had declined. Bitget was accused of issuing a “delisting statement” in response to this rejection.
It’s worth noting that TokenFi (TOKEN) is a project in the launchpad and Real World Asset (RWA) sector that was recently launched by Floki (FLOKI) on October 27th. TOKEN has a total supply of 10 billion tokens, evenly distributed across the Ethereum and BNB Chain networks. As for Floki, it is a meme coin project created and owned by the community, inspired by Elon Musk’s Shiba Inu dog.