TokenFi (TOKEN) was just delisted by Bitget following just three days of listing. The Bitget team took this decision after observing notable price swings and learning that the project team had only contributed tokens worth less than $2,000 to the DEX liquidity pool. Because of this, Bitget began to assume that the project team was manipulating the market by purposefully restricting the early liquidity.
Announcement on The Delisting of TokenFi (TOKEN) and Buyback Plan
Full details below:https://t.co/gMsQwasQ5p
— Bitget (@bitgetglobal) October 31, 2023
Further research into the project by Bitget also turned up more possible problems, like an unclear vesting timetable and an opaque token ecosystem. These problems sparked worries about the project’s long-term viability and the security of Bitget users’ money.
It makes sense that Bitget decided to take TokenFi off of the list. It is Bitget’s duty as a cryptocurrency exchange to shield its customers from fraud. Bitget is making it clear that it takes this obligation seriously by delisting TokenFi.
The decision made by Bitget serves as a warning to investors to exercise caution when funding new cryptocurrency projects. It is crucial that you conduct independent research and thoroughly weigh the dangers before making any crypto investments.
TokenFi was delisted by Bitget after three days of listing for the following main reasons:
A suspicion of manipulation of the market: Following the start of trade, the Bitget team saw notable price swings in TokenFi. The project team had only added coins worth less than $2,000 to the DEXes’ liquidity pool, it was also found. Because of the project team’s deliberate manipulation of the initial liquidity, Bitget began to suspect that they were involved in market manipulation.
The vesting schedule is imprecise and the token economy is opaque. Further examination of TokenFi by Bitget uncovered other possible problems, including an ambiguous vesting timeline and an opaque token economy. The project’s long-term viability and the security of Bitget users’ money were questioned in light of these problems.
Floki Inu Clears The Air Around The Token Delisting
In an unfolding turn of events, Floki Inu has taken to X(formerly Twitter) to call out Bitget exchange, claiming the exchange has listed a fake version of $TOKEN. Also, it has allowed millions of dollars in trading on tokens that they appear not to have held, only to refuse customer withdrawals. FLOKI INU twitter account reveals these statements, using multiple screenshot to prove their claims.
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
Final Thoughts
In general, the exchange and its users will benefit from Bitget’s decision to delist TokenFi after three days of listing. However, recent revelation shows that Bitget have listed a fake version of the token without proper measures. In conclusion, when making investments in new cryptocurrencies, investors ought to learn and proceed with caution, by verifying the official accounts of those who own the token.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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