Bitget pronounces the delisting of Floki’s TokenFi (TOKEN)

• Bitget has introduced the delisting of TokenFi (TOKEN), the token of an asset tokenization platform launched by Floki.
• The alternate accuses the workforce behind TOKEN of potential market manipulation and opaque vesting schedule.
• The value of TOKEN was $0.01806395 on the time of writing, having surged by 258% previously 24 hours.

Bitget has introduced the delisting of TokenFi (TOKEN), the tokenization platform lately launched by the workforce behind the meme cryptocurrency Floki.

The value of TOKEN on exchanges is presently $0.01806395, about 258% up previously 24 hours. Bitget introduced the itemizing of TokenFi on October 27.

Why did Bitget delist TOKEN

In accordance with particulars in an announcement printed on Tuesday, 0ctober 31, the choice to delist TOKEN pertains to potential market manipulation by the undertaking’s workforce.

“After the buying and selling service of TokenFi (TOKEN) started, important value fluctuations have been observed. It was additionally discovered that the undertaking workforce solely added lower than $2,000 in tokens to the liquidity pool of DEXes, and was suspected of market manipulation by maliciously controlling the preliminary liquidity,” Bitget wrote.

Apart from the accusation of market manipulation through malicious compression of liquidity, the alternate additionally famous different doable points round TokenFi. These embody an opaque token economic system and undisclosed vesting schedule.

TOKEN buyback launched

On high of halting deposit and buying and selling for TokenFi (TOKEN) on October 31, Bitget has additionally canceled all pending orders. 

The alternate additionally introduced a TOKEN buyback program to be carried out earlier than November 7, with an computerized swap of TOKEN into USDT undertaken.

 “To be accountable for our customers, after complete consideration, Bitget has determined to delist TokenFi (TOKEN) and launch a buyback plan for customers who maintain the token on Bitget,” the crypto alternate added.

The swap value might be 1 TOKEN = 0.00605002 USDT, which relies on the best closing value the token had within the 5 days after buying and selling opened within the innovation zone.

Floki launched its tokenization platform on October 26, with the undertaking geared toward capitalizing on the rising traction of an trade projected to hit $16 trillion by 2030. TOKEN has a complete provide of 10 billion tokens, with 5 billion a bit on the BSC and ETH chains.