Floki's TokenFi Memecoin Listing Sparks Bitget's $10M Controversy

Amidst the ever-evolving landscape of cryptocurrencies, a heated dispute has erupted between Floki Inu and Bitget, a prominent cryptocurrency exchange. Floki Inu, an emerging player in the crypto sphere, has leveled serious allegations against Bitget, asserting that the exchange engaged in the sale of tokens it did not actually possess. This alleged action, Floki Inu contends, has led to the creation of a substantial $10 million shortfall, effectively establishing a synthetic short position.

The crux of the disagreement revolves around the listing and subsequent delisting of TokenFi TOKEN, a memecoin that has garnered attention in the crypto community. Bitget, in a move that sent shockwaves through the industry, made the decision to delist TokenFi TOKEN merely days after its initial introduction. In justification of this action, Bitget cited concerns over "suspected market manipulation" and "malicious control of liquidity" specifically within decentralized exchanges (DEXs).

Adding fuel to the fire, Bitget alleged that Floki Inu's contribution to liquidity pools for TokenFi TOKEN amounted to a meager $2,000. This assertion further intensified the animosity between the two parties.

Floki Inu wasted no time in firing back, taking to the platform formerly known as Twitter (now X), to voice their grievances. They claimed that Bitget not only listed the token without proper authorization but also went as far as to introduce an imitation of TOKEN a mere twelve minutes before its official issuance. Floki Inu further contended that Bitget executed trades totaling tens of millions of dollars, all while not possessing a single token in their wallet. According to Floki Inu's narrative, as the value of TOKEN surged, Bitget found itself with a $10 million deficit, a direct result of not holding the requisite underlying assets.

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

In a scathing post, Floki Inu likened Bitget's actions to opening an eight-figure short position on $TOKEN, with the expectation that the token's value would plummet, enabling them to subsequently repurchase at a lower price and cover their shortfall.

IF YOU HOLD $FLOKI TOKENS ON #BITGET, WE STRONGLY ENCOURAGE YOU TO WITHDRAW YOUR TOKENS ASAP!

We are hearing rumors that Bitget is manipulating Floki on their exchange.

We exposed their failed attempts to manipulate our sister token #TokenFi / $TOKEN Yesterday and how they sold… https://t.co/SkUoqGMX2J pic.twitter.com/OKb4S0FgW7

— FLOKI (@RealFlokiInu) November 1, 2023

Recognizing the potential implications for users, Floki Inu issued a warning, urging them to expeditiously withdraw their tokens from Bitget, citing the $10 million deficit as a harbinger of potentially deeper liquidity concerns.

Bitget, in response to the escalating tensions, released an official statement outlining their plan to repurchase tokens from users holding TOKEN on their platform. The proposed rate was set at $0.00605002 per token, corresponding to the highest closing price observed between October 27th and October 31st. However, given the remarkable surge in TOKEN's price over the past 24 hours, reaching $0.04129, it appears unlikely that there will be substantial interest in this offer. The development marks another intriguing chapter in the dynamic and often tumultuous world of cryptocurrency exchanges and their interactions with emerging tokens.

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