Bitget exchange has announced the delisting of TokenFi, a tokenization platform token launched by the Meme project Floki. The exchange has accused Floki of manipulating market prices by maliciously compressing liquidity. Bitget also raised concerns about the opacity of the token economy and the undisclosed release cycle.
Concerns about market manipulation
Bitget’s official statement read,
“We have decided to delist TokenFi due to concerns about market manipulation and lack of transparency in their token economy. We believe in maintaining a fair and transparent trading environment for our users.”
Floki, on the other hand, responded to Bitget’s accusations stating that it had violated the demand for CEX to be listed 7 days after launch. A representative from Floki stated,
“Bitget’s accusations are unfounded. We have always adhered to the rules set by exchanges and we believe in maintaining transparency with our investors.”
An offer in Bitget’s favor
In an interesting turn of events, Bitget offered to buy the tokens they needed from TokenFi at a 90% discount to fill the gap. This move was seen as an attempt by Bitget to mitigate any potential losses due to the delisting.
The representative from Floki further added,
“Bitget’s offer to buy our tokens at a 90% discount is an attempt to manipulate the market in their favor. We stand by our project and our investors.”
At the time of delisting, there were at least 1.7 million tokens in the TokenFi liquidity pool. The impact of this delisting on the overall liquidity of TokenFi is yet to be seen.
Possible impact on the price of floki token
This incident has sparked a debate in the crypto community about the transparency and ethics of exchanges and token projects. As the dust settles, investors and market watchers are keenly observing the developments and their impact on the future of TokenFi and Floki.
While Bitget’s decision to delist TokenFi has raised several questions about market manipulation and transparency in token economies, Floki’s response indicates a strong stand against these accusations. The crypto community awaits further developments as they could set important precedents for future interactions between exchanges and token projects.