Bitget announces delisting TokenFi (TOKEN) due to market manipulation scandal

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Just 4 days after it went online, Bitget suddenly announced that it would remove Floki’s TokenFi (TOKEN) from the platform.

On the afternoon of October 31, due to the liquidity injection scandal, Bitget Exchange announced that it would delist TokenFi (TOKEN) on the platform starting from October 31.

Bitget’s statement on the delisting of TokenFi. Source: Bitget.

Specifically, Bitget began to list TokenFi (TOKEN) issued by the memecoin project Floki on the evening of October 27. However, after this process, the exchange discovered some suspicious points of price fluctuations and discovered that the project had added at least 2,000 tokens to the DEX’s liquidity pool, suspecting that the team was committing fraud and manipulating token liquidity.

Additionally, during further investigation, Bitget discovered potential issues with unclear token economics for many projects. And in order to protect users, the exchange decided to stop supporting TokenFi.

Immediately afterwards, a war of words broke out. Both Floki and Bitget began accusing each other of market manipulation.

The Floki team claims that Bitget listed the token before the project was launched, and that TokenFi (TOKEN) on Bitget is a “fake token.” Floki stated that because Bitget unilaterally listed the token before the issuance deadline, there were no tokens available for users to trade, and therefore withdrawals could not be processed. Ultimately, Bitget was saddled with $20 million in customer debt and no TOKEN assets to hedge this debt.

Floki added that Bitget then tried to purchase the tokens from the TokenFi vault at a 90% discount to the current market price, but the team refused. Bitget allegedly issued a “takedown” statement in response to the denial.

It is understood that TokenFi (TOKEN) is a project in the Launchpad field. Real World Assets (RWA) Floki (FLOKI) just launched on October 27th. The total supply of TOKEN coins for the project is 10 billion, split equally between the Ethereum and BNB Chain networks. About Floki, a community-created and owned memecoin project inspired by Elon Musk’s Shiba Inu.

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