The Floki vs Bitget Saga: A Controversial Token Listing
The controversy surrounding the listing of Floki’s newly-launched token TokenFi took a sharp new turn as the memecoin project strongly rebutted allegations from crypto exchange Bitget.
The Drama Unfolds
The drama erupted on Halloween when Bitget announced the delisting of Floki’s new token over concerns of “market manipulation.” Bitget claimed that the Floki team tried to control initial liquidity by adding just $2,000 worth of tokens to the liquidity pool on decentralized exchanges (DEXes). They also found more red flags, such as an opaque token economy and an unclear vesting schedule.
Floki responded promptly with a clarifying post on social media, stating that it had requested centralized exchanges (CEXes) not to list TokenFi until at least seven days after its launch on DEXes. They alleged that Bitget disregarded this arrangement and announced a listing as soon as the launch details were made public.
Moreover, Floki accused Bitget of listing a fake replica of the original TOKEN, preventing users from sending these assets to their wallets. In essence, Floki suggested that Bitget enabled fraudulent purchases of fake TOKEN on its platform.
FLOKI’s Response and Market Impact
The controversy continued to grab the attention of industry observers, while the hype around TOKEN failed to diminish. The tokenization platform’s token saw a staggering 63559% increase since its launch, according to CoinMarketCap data.
However, as allegations and counter-allegations flew, memecoin FLOKI experienced a dip in value, losing more than 5%. This reversal of gains observed since the project’s announcement last week marked the impact of the ongoing controversy.
### News source: ambcrypto.com