- Floki rejects any foul play on his part regarding the offering of tokens.
- Bitget previously delisted the token due to concerns about market manipulation.
The controversy surrounding the listing of Floki’s [FLOKI] newly launched token TokenFi [TOKEN] took a sharp new turn when the memecoin project strongly refuted the allegations made by crypto exchange Bitget.
How much are 1,10,100 FLOKIs worth today?
The Floki vs. Bitget saga
The drama erupted on Halloween when the trading platform opened announced removal of Floki’s new token due to “market manipulation” concerns.
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 (DEXs).
Upon further investigation, Bitget said it discovered more red flags, such as “an opaque token economy and an unclear vesting schedule.”
Within hours of the claims, Floki took to social media platform X clarify his position. In a long and strongly worded message, Floki claimed that Bitget had made several mistakes throughout the process.
Floki said it has asked centralized exchanges (CEXs) not to list TokenFi on DEXs until at least seven days after it goes live. This was because a vote on the token’s listing was pending at Floki’s Decentralized Autonomous Organization (DAO).
While other exchanges accepted this arrangement, Bitget went ahead and announced a listing as soon as the launch details were made public last week, Floki claimed.
Furthermore, Floki said that Bitget marketed a fake replica of the original TOKEN before making it available for trading on-chain. Therefore, users could not send these assets to their wallets.
In his defense, Floki reminded the world of this repeated warnings on unauthorized entries. Long story short: Floki accused crypto exchange Bitget of facilitating fraudulent purchases of fake TOKEN on its platform.
Realistic or not, here is FLOKI’s market cap in BTC terms
FLOKI retreats
The controversy continued to attract the attention of industry observers. Meanwhile, the hype surrounding TOKEN did not diminish. The Tokenization Platform Token Has Exploded 63559% Since Launch, Data Shows CoinMarketCap showed.
However, memecoin FLOKI started to feel the pressure. The dog-themed token barn more than 5% of its value amid accusations and counter-accusations. The price drop reversed gains made after the project was announced last week.
