Key takeaways:
- Bitget Exchange Delists TOKEN, Controversy Surrounds TokenFi’s Listing
- The delisting process will take place on November 1st at 00:00
In a surprising turn of events, Bitget Exchange recently announced its decision to delist TOKEN, a digital currency associated with TokenFi, mere days after its initial listing on October 27. This sudden delisting has stirred controversy and allegations of price manipulation.
To address the concerns of TOKEN holders, Bitget has introduced a 5-day buyback plan, scheduled to conclude by November 7. According to the exchange, TOKEN holders on Bitget will receive compensation based on the cryptocurrency’s peak trading value, swapped for USDT.
Bitget Exchange originally listed TokenFi’s TOKEN in its Innovation Zone within the Spot market on October 27, 2023, at 23:00 [UTC+8]. At first, this seemed like a positive development for TokenFi. However, the situation took a drastic turn when TOKEN began experiencing severe price fluctuations shortly after trading commenced.
Bitget Exchange quickly identified what it believed to be a problem with TOKEN’s liquidity. It alleged that the Floki team, the creators of TOKEN, had only provided $2,000 in liquidity on decentralized exchanges. This led to accusations of the Floki team “maliciously controlling the initial liquidity.”
Furthermore, Bitget expressed concerns about the unclear tokenomics and suspicious vesting schedule surrounding TOKEN. In response to these concerns, Bitget decided to delist TOKEN, citing the responsibility it felt towards its users.
Another point of contention in this unfolding drama is the accusation that Bitget listed a “fake version” of TOKEN. Floki Inu, the team behind TokenFi, claimed that Bitget listed TOKEN 12 minutes before it was officially tradable. Bitget has a policy of observing new tokens in its Innovation Zone for a 60-day period.
This situation prompted Bitget to accuse Floki Inu of financial malpractice, highlighting the inadequate $2,000 liquidity and the unclear tokenomics as reasons for the delisting decision.
Before the controversy erupted, Floki Inu contacted its exchange partners, requesting that they refrain from listing TokenFi until seven days after its launch. The reason for this request was to propose a DAO vote for the listing. Many top-tier exchanges agreed to this arrangement, except for Bitget, which they alleged had listed a fake version of TOKEN.
Floki Inu shared multiple announcements to clarify that no exchange had been authorized to list TOKEN, adding to the confusion surrounding this issue.
