A cryptocurrency exchange, Bitget, has announced to removal of TokenFi (TOKEN) due to suspected market manipulation issues by the TokenFi team.
Bitget observed significant price fluctuations after the trading services of tokenFi(TOKEN) began.
Bitget also cited concerns about the project’s liquidity on decentralized exchanges, with less than $2,000 in tokens added to the liquidity pool.
Further investigation revealed opaque token economy and unclear vesting schedule.
Consequently, they suspended TokenFi deposits and trading on October 31, 2023, canceling pending orders. By November 7, 2023, Bitget plans to buy back TOKEN based on the highest closing price and exchange them into USDT.
Bitget’s decision to delist TokenFi (TOKEN) came merely four days after listing it in the Innovation Zone of the Spot market.
TokenFi was designed as a platform for crypto and asset tokenization, seeking to tap into the trillion-dollar tokenization industry.
Bitget’s removal of TokenFi underscores the need for vigilance in the cryptocurrency market to maintain trust and integrity.
Also Read: Bitget Launches MPC Wallet with Enhanced Security
In response to this floki, the team behind tokenFi have revealed that bitget has manipulated the people and by listing the token before approval.
