Popular cryptocurrency brand Floki released a statement on Thursday 2 November to set the records straight about crypto exchange Bitget’s unauthorized listing of its new cryptocurrency TokenFi (TOKEN) and its attempt to manipulate the token’s price.
Floki had proposed the launch of its new Floki staking program and reward token targeting a trillion-dollar industry with strong potential on October 18, 2023. This reward token was later revealed to be TokenFi, with the ticker TOKEN, which is targeting the tokenization industry projected to be worth $16 trillion by 2030.
The company had reached out to all its exchange partners, including Bitget, before the DAO vote and asked them not to list TokenFi until seven days after the token went live. Despite this agreement, Bitget listed a fake version of TokenFi 12 minutes before the official token became tradable, resulting in $50 million worth of trading volume within a 48-hour period.
This led to users not being able to withdraw their tokens and Bitget attempting to buy the TokenFi (TOKEN) at a discount of $90 percent of the market price, which Floki rejected. Bitget then delisted the token and falsely accused the project of market manipulation.
In response, Floki highlighted a series of shady and dangerous practices from Bitget, including listing TokenFi before agreed timelines, trading without buying any TOKEN to cover the user position and falsely accusing the Floki team of market manipulation. The company also questioned Bitget’s overall solvency.
A statement from Floki can be found here: https://twitter.com/RealFlokiInu/status/1719337299786240344.
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.