Floki Defends Itself Against Bitget's Accusations of Manipulation

In the ever-evolving world of cryptocurrencies, allegations of manipulation have once again reared their head. Bitget, a cryptocurrency exchange, recently announced the delisting of TokenFi, a tokenization platform associated with the popular cryptocurrency, Floki. The reason? Suspected manipulation.

Bitget's concerns stem from the 60-day valuation period that all newly listed pairs in their Innovation zone undergo, during which TokenFi was listed. Throughout this period, the TokenFi project team contributed a mere $2,000 worth of tokens to the liquidity pool of decentralized exchanges (DEXes).

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

This seemingly paltry contribution raised red flags, as suspicions emerged that the project team might have wielded undue influence over the initial liquidity, potentially manipulating the market. As Bitget dug deeper into the project, more troubling signs came to light, including an opaque token economy and an unclear vesting schedule.

Floki swiftly responded to Bitget's accusations on their official communication channel. They argued that Bitget had violated their explicit request for centralized exchanges (CEXs) not to list their tokens until seven days after the official launch. Floki claimed that Bitget, the smallest exchange they had engaged with, had hastily announced the listing as soon as they revealed the token launch details, capitalizing on the excitement surrounding the project. To make matters worse, Bitget allegedly listed a fake version of the $TOKEN token just 12 minutes before it was officially tradable on the blockchain.

As this crypto clash unfolds, the crypto community is left to ponder the implications. Bitget, in its announcement, cautions individuals trading or holding FLOKI on its platform, hinting at an exceptionally high level of risk. This casts doubt on Bitget's risk management protocols and overall exchange operations. Meanwhile, the Floki team expresses concerns about the safety of its users, particularly as more information about Bitget's financial stability emerges. In the wake of these allegations and warnings, the cryptocurrency FLOKI has seen a 6.96 percent drop in the last day, currently resting at 0.00003446, leaving investors and enthusiasts eagerly awaiting the resolution of this crypto saga.

Read More: Hong Kong Central Bank Calls for Deeper Probe into Retail CBDC Benefits