Bitget has announced the delisting of TokenFi (TOKEN), the tokenization platform recently launched by the team behind the meme cryptocurrency Floki. The decision to delist TOKEN relates to potential market manipulation by the project’s team, an opaque token economy, and undisclosed vesting schedule.
The price of TOKEN on exchanges is currently $0.01806395, about 258% up in the past 24 hours. Bitget announced the listing of TokenFi on October 27.
In an announcement published on Tuesday, October 31, Bitget detailed that after the trading service of TokenFi (TOKEN) began, significant price fluctuations have been noticed. It was also found that the project team only added less than $2,000 in tokens to the liquidity pool of DEXes, and was suspected of market manipulation by maliciously controlling the initial liquidity.
To be responsible for their users, after comprehensive consideration, Bitget has decided to delist TokenFi (TOKEN) and launch a buyback plan. The swap price will be 1 TOKEN = 0.00605002 USDT, which is based on the highest closing price the token had in the five days after trading opened in the innovation zone.
Floki launched its tokenization platform on October 26, with the project aimed at capitalizing on the growing traction of an industry projected to hit $16 trillion by 2030. TOKEN has a total supply of 10 billion tokens, with 5 billion a piece on the BSC and ETH chains.
The buyback program will be implemented before November 7, with an automatic swap of TOKEN into USDT undertaken. Bitget has also canceled all pending orders, and has halted deposit and trading for TokenFi (TOKEN) on October 31.
