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Bitget Crypto Exchange Delists Floki’s TokenFi Amidst Controversy

  • TokenFi has been delisted by bitget due to liquidity issues and more.
  • Bitget introduces a buyback plan for TOKEN holders.

Bitget, a prominent cryptocurrency exchange, has recently stirred up the market by deciding to delist TokenFi, a new venture by the popular meme coin Floki Inu.

Floki , known for its association with the meme token space, has introduced TokenFi, a tokenization platform, along with its native asset TOKEN. This platform aims to position Floki Inu as a competitive player in the rapidly growing tokenization industry, which is projected to reach a valuation of $16 trillion by 2030.

TokenFi was officially launched on October 27, drawing the attention of crypto enthusiasts and investors. Its native TOKEN is now available for trading on Uniswap and PancakeSwap for both Ethereum ($ETH) and Binance Smart Chain (BSC).

Bitget vs TokenFi

Bitget initially listed TokenFi (TOKEN) in the Innovation Zone of the Spot market on October 27. However, just hours before, Bitget published an official blog post announcing the delisting of TokenFi. Their statement cited significant price fluctuations and raised concerns about the project teamā€™s contribution to the liquidity pool of decentralized exchanges , noting that they had added less than $2,000 worth of tokens.

Bitgetā€™s statement further alleged that the project may have engaged in market manipulation by deliberately controlling the initial liquidity. Added that an in-depth investigation revealed potential issues with TokenFi, including an unclear token economy and an opaque vesting schedule.

This announcement sparked a response from the crypto community, with varying opinions about whether one of the involved parties is engaged in a scam. As of now, it remains uncertain, and further updates are awaited from both parties involved.

In response to these developments, Bitget has initiated a buyback plan for users who hold TOKEN on their platform. This plan will be implemented before 16:00 on November 7, 2023 (UTC+8) and will be based on the highest closing price of TokenFi (TOKEN) during the first five days of trading on Bitget, from October 27 to October 31, 2023, where 1 TOKEN was equivalent to 0.00605002 USDT.

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