The teams behind crypto exchange Bitget and Web3 protocol Floki have accused each other of market manipulation and misleading investors. The dispute arose after Bitget listed and delisted the Floki protocol’s token, TokenFi (TOKEN). The Floki team claimed that Bitget listed the token before it was launched, while Bitget accused the Floki team of market manipulation.
According to the Floki team, they submitted a proposal to launch a staking program with a reward token to the Floki decentralized autonomous organization (DAO). They were in talks with centralized exchanges to list TokenFi, but did not reveal the token’s name in the DAO proposal. The team claims that they informed exchanges not to list the token until at least seven days after its launch, but Bitget violated this agreement.
Floki warned investors that any current TOKEN listings on centralized exchanges were unauthorized. The token was scheduled to launch on October 27 and was listed at an initial price of $0.00005011. Its price rose significantly after launch.
The Floki team claims that Bitget listed TOKEN without having any to sell, resulting in the exchange being unable to process withdrawals. They also allege that Bitget attempted to buy tokens from the TokenFi treasury at a discount, which the team refused. Bitget released a “delisting” statement in response.
Bitget claims that TOKEN had significant price fluctuations after listing and suspected market manipulation by the development team. They discovered an unclear token economy and vesting schedule, leading them to delist TOKEN. Bitget offered to buy back all sold TOKEN at its peak price before delisting.
The Floki team disputes Bitget’s claim about initial liquidity and posted a screenshot showing liquidity in two TOKEN pools. However, it is unclear what the initial liquidity was.
Summary:
– Bitget and Floki teams accuse each other of market manipulation and misleading investors.
– Floki claims Bitget listed TOKEN before its launch, while Bitget accuses Floki of market manipulation.
– Floki warned investors about unauthorized TOKEN listings on centralized exchanges.
– TOKEN was listed at an initial price of $0.00005011 and experienced significant price fluctuations.
– Bitget listed TOKEN without having any to sell, resulting in withdrawal issues.
– Bitget attempted to buy tokens from the TokenFi treasury at a discount, which was refused.
– Bitget offered to buy back all sold TOKEN at its peak price before delisting.
– The Floki team disputes Bitget’s claim about initial liquidity.
