While responding to Bitget’s TOKEN delisting announcement and accusing Floki of market manipulation, Floki team has shared a statement revealing the dark side of Bitget exchange.
In the statement, Floki said that it previously asked all exchange partners to not list TokenFi’s TOKEN before 7 days of it going live. However, Bitget did not wait and “went behind back” to list the token on October 27, and that even before 12 minutes of it going live on DEX.
Not only Bitget went against Floki’s listing statement, “they listed a fake version of the TOKEN token 12 minutes before we made it officially tradable on the blockchain,” Floki team said.
Floki also shared announcements before and after the Bitget’s listing citing that any exchange listing its token is not official neither it is authorized by the Floki team. “Despite these repeated warning tweets […] some people did ignore that request and the fake version of the token that Bitget listed went on to get around $50 million dollars in trading volume on their exchange in a 48-hour period,” it said.
The controversy gets a dense turn as Bitget said it will enable TOKEN withdrawal 24 hours after listing while the exchange ended up delisting the token and left all users with fake tokens worth over $10 million.
The Floki team revealed that Bitget expected that the listing will sell the token at premium price and it will eventually go down after 24 hours or so. “Instead, the token was up only, and their bet backfired, resulting in a hole of over $10 MILLION for them.”
While the Floki team reached out to Bitget and asked about the matter, the Bitget representatives admitted that they need 1 billion TOKEN to open withdrawal for users which currently amounts to 10% of total TOKEN supply, worth approximately $20 million.
Even though Floki team agreed for an OTC deal to sell TOKEN to Bitget, the exchange asked to buy it at 90% discount from its market price. The offer has been denied by the Floki team and users are ragging to get their funds from Bitget exchange.
