Floki and Bitget Accuse Each Other of Market Manipulation: Report

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  • Bitget announced the delisting of TOKEN, accusing Floki of market manipulation.
  • In response, Floki accused Bitget of violating its agreement by listing fake TOKEN prior to the launch.
  • Floki also questioned Bitget for trading TOKEN before the launch of the actual TOKEN.

On Halloween eve of 2023, the cross-chain cryptocurrency Floki and the exchange Bitget faced off, accusing each other of market manipulation. While Biget delisted Floki’s sister token, TokenFi (TOKEN), alleging Floki of market manipulation, the team behind the memecoin retaliated, claiming that the exchange’s TOKEN listing was “fake.”

In a blog post dated October 31, Biget announced the delisting of TokenFi in the Innovation Zone of the Spot market, suspecting Floki of “market manipulation by maliciously controlling the initial liquidity.” 

The exchange further elaborated on their suspicions, arguing that significant fluctuations were noticed in the token’s price after Bitget began its trading services. Reportedly, the platform also identified potential issues such as an opaque token economy and an unclear vesting schedule.

In response to the allegations, Floki retaliated with a series of allegations against Bitget, addressing it as “the smallest of all the exchanges”. The memecoin asserted that all the exchanges, including Bitget, agreed with their proposal of listing TokenFi only after a period of seven days from the launch of the token. 

However, Bitget violated the agreement by listing the token prior to its launch. Floki added, “This was reportedly done in order to capitalize on the apparent ‘hype’ surrounding TOKEN’s launch.”

Further, by highlighting Floki’s previous posts that alerted to the unauthorized listing of TOKEN on some centralized exchanges, the memecoin team stated that Bitget’s listed token was just a “fake version” of TokenFi. 

On October 27, Floki shared a post on X (formerly Twitter), inviting the community’s attention to the “risks” associated with the alleged fake tokens enlisted on CEXs before TOKEN’s official launch.

Floki’s allegations against the exchange took a bigger turn when the project questioned Bitget for trading tens of millions of dollars in TOKEN when there was no evidence of the existence of a “single unit of the actual token” on the platform. 

In addition, Floki spotted a dozen insolvency issues related to Bitget, highlighting users’ complaints about their restrictions on withdrawing their TOKEN holdings on the platform.

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