- Bitget announced the delisting of TokenFi (TOKEN) citing potential price manipulation and liquidity issues.
- Floki has responded by saying the exchange listed the tokens against requests not to at the time.
- The listed version was reportedly a fake one, apparently the listing resulted in millions worth of trades.
The Floki team has responded to Bitget’s delisting of TokenFi (TOKEN) by saying that the crypto exchange ignored requests not to list the token until after seven days of it going live.
What is Floki saying about $TOKEN listing on Bitget?
Apparently, Bitget disregarded this request and listed $TOKEN, which Floki now says was a “fake version”. It also went on to allow trades worth millions of dollars on the token, allegedly without holding the equivalent in assets to facilitate customer withdrawals.
One of the announcements warning against the fake $TOKEN is this:
IMPORTANT TOKENFI NOTICE
We are getting reports from users that purchased #TokenFi / $TOKEN on the CEXs that announced a "listing" today that they cannot withdraw their tokens on those CEXs.
As we communicated earlier, any TokenFi CEX listing that happened today was not… https://t.co/Zu2w3GuDGt
— FLOKI (@RealFlokiInu) October 27, 2023
Floki accuses Bitget of listing $TOKEN 12 minutes before the tokens officially became tradable.
“Not only did #Bitget list a fake token, which they claim to be associated with Floki, against our request and before our token officially went live, they also DECEPTIVELY traded tens of millions of dollars in $TOKEN volume without any blockchain evidence of them having a single unit of the actual token in any of their wallets to represent user purchase of these tokens on their exchange,” a statement posted on X reads.
The said fake $TOKEN listing has left Bitget with a $10 million hole that they need to plug, with this requiring about 10% of the TokenFi total supply. However, since most of the supply is currently locked in Floki’s staking pool, a lack of liquidity sees the exchange unable to buy $TOKEN from the market.
SETTING THE RECORDS STRAIGHT ABOUT THE UNAUTHORIZED BITGET $TOKEN LISTING
On October 18, 2023, we put up a DAO proposal to launch the Floki staking program and a reward token that will target a trillion-dollar industry with strong potential. While we didn’t mention it in the DAO… pic.twitter.com/JGnlKmR0lo
— FLOKI (@RealFlokiInu) October 31, 2023
As highlighted earlier, Bitget had accused Floki of not providing enough liquidity after its token launched and cast doubts on the tokens’ treasury and vesting schedule.