A Dispute Between Floki Inu and Bitget Over Token Listing
In a recent controversy, Floki Inu (FLOKI) and Bitget, a crypto exchange, have been involved in a heated dispute. The conflict began when Bitget listed TokenFi (TOKEN) and faced accusations of market manipulation, unauthorized listing, and insufficient solvency.
Bitget Accused of Market Manipulation
On October 27, 2023, Bitget announced the listing of TokenFi (TOKEN) in its Spot market’s Innovation Zone. Shortly after trading started for TokenFi, there were significant price fluctuations that raised suspicions of market manipulation. Additionally, it was discovered that TokenFi’s project team contributed less than $2,000 worth of tokens to decentralized exchanges’ liquidity pool, suggesting potential manipulation.
Further investigation revealed issues with TokenFi’s token economy and vesting schedule. To protect users, Bitget decided to delist TokenFi and initiated a buyback plan for users holding the token on their platform.
Floki Inu’s Response
Floki Inu strongly responded to Bitget’s actions, claiming that the exchange violated their agreement not to list TOKEN until seven days after its launch. Floki Inu alleged that while other exchanges agreed to wait as requested, Bitget announced the listing of a fake version of TOKEN just 12 minutes before its official launch.
Floki Inu accused Bitget of engaging in deceptive trading practices and manipulating TOKEN’s volume without holding the actual tokens. They also criticized Bitget’s response to users experiencing difficulties in withdrawing TOKEN from the platform.
Floki Inu Alleges Bad Faith
During discussions with Floki Inu, Bitget revealed that they needed up to 1 billion TokenFi tokens to meet user withdrawal demands and cover their financial deficit. Floki Inu accused Bitget of acting in bad faith by proposing an over-the-counter deal at a deeply discounted rate. This raised concerns as Bitget was seen as responsible for its actions and the resulting financial shortfall.
In response, Floki Inu disputed Bitget’s claims, accused them of listing TOKEN against their instructions, and challenged them to provide evidence of their TOKEN and FLOKI holdings.
A Caution for Floki Inu Users
Floki Inu cautioned its users against trading or holding FLOKI on Bitget due to the troubling patterns witnessed during the TokenFi incident. The cryptocurrency community is eagerly awaiting further clarification and resolution regarding the allegations and their impact on affected users.
Hot Take: The Impact of the Dispute
The dispute between Floki Inu and Bitget over the listing of TokenFi has created significant controversy within the crypto community. Accusations of market manipulation and unauthorized listing have put Bitget under scrutiny. On the other hand, Floki Inu has raised concerns about Bitget’s solvency and risk management practices. As the situation develops, it remains to be seen how this dispute will be resolved and what implications it will have for both parties involved.
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