Innovative TokenFi Delisted from Bitget Exchange for Manipulation Concerns
Bitget, a popular cryptocurrency exchange, recently announced the delisting of TokenFi, an innovative tokenization platform developed by Floki. The decision was made due to concerns of market manipulation surrounding the project. Bitget revealed that during the 60-day valuation period, TokenFi’s project team contributed less than $2,000 worth of tokens to decentralized exchanges (DEXes) liquidity pool in the Innovation zone where it was listed. This raised suspicions about potential undue influence over initial liquidity and unveiled other red flags such as an unclear token economy and vesting schedule.
Floki responded to the accusations, stating that Bitget violated their request for centralized exchanges (CEXs) not to list the token until seven days after launch. They claimed that Bitget listed a fake version of the $TOKEN token before it officially became tradable on the blockchain. Floki expressed concern for users’ safety and questioned Bitget’s financial stability.
Bitget Warns About High Risk Associated with FLOKI Trading
Bitget concluded their announcement by cautioning individuals trading or holding FLOKI on their platform about the exceptionally high level of risk they may be exposed to. They also expressed doubts about their risk management protocols and overall exchange operations. CoinMarketCap data shows that FLOKI has experienced a 6.96 percent decrease in the last day, currently sitting at 0.00003446.
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