Floki Accuses Bitget of Listing Counterfeit TokenFi Token, Resulting in $50M of Deceptive Trading Volume

• Bitget listed a fake version of Floki’s TokenFi token before official launch, resulting in $50 million in volume without actual reserves.
• Bitget delayed withdrawals and required 1 billion tokens from Floki to cover user withdrawals after trading a fake token without reserves.
• Floki warns the unauthorized listing and trading of fake TokenFi tokens by Bitget was unethical and put users at risk.

Floki meme coin has accused crypto exchange Bitget of deceitful practices involving the unauthorized listing of a fake TokenFi token. In this post, we will examine the details behind Floki’s claims and Bitget’s questionable actions.

Floki’s Plans for TokenFi

On October 18, Floki initiated a DAO proposal to launch a Floki staking program and reward token targeting the trillion-dollar tokenization industry. Floki requested that all exchanges, including Bitget, refrain from listing TokenFi until after a community vote.

Bitget Defies Warnings and Lists Fake Token

Despite Floki’s warnings, Bitget listed a fake version of TokenFi 12 minutes before the official launch. This resulted in nearly $50 million in volume on Bitget’s platform over 48 hours. However, Bitget did not actually possess any of the real TokenFi tokens to back the trades.

Withdrawals Delayed, Then Delisting

Initially, Bitget said withdrawals would open 24 hours after trading began. But they continued to delay withdrawals before delisting TokenFi due to “liquidity issues.” Bitget required 1 billion TokenFi tokens from Floki to fulfill user withdrawals after facilitating millions in trades without reserves.

Floki’s Response

Floki found it questionable that Bitget expected the TokenFi treasury to cover the deficit caused by Bitget’s actions. The unauthorized listing and irresponsible practices put users at risk. Floki continues to warn exchanges and investors about the dangers of the fake TokenFi token.

Conclusion

The Floki-Bitget dispute highlights the need for transparency and integrity, even among top exchanges. Listing tokens without project approval and adequate reserves is unethical and harms users. The crypto industry must uphold standards to earn mainstream trust.