Bitget to delist TokenFi over market manipulation concerns

The crypto exchange says more potential issues, such as an opaque token economy and an unclear vesting schedule, have also been discovered.

Cryptocurrency exchange Bitget has decided to delist Floki’s sister token, TokenFi (TOKEN), and launch a buyback plan after the company discovered market manipulation issues related to the project.

In a press release on Oct. 31, the exchange said the TokenFi team was suspected of market manipulation by “maliciously controlling the initial liquidity.” Bitget also addressed issues related to the project’s liquidity on decentralized exchanges, saying less than $2,000 in tokens have been added to the liquidity pool.

“In addition, during a further investigation of the project, more potential issues such as an opaque token economy and an unclear vesting schedule have been discovered.”

Bitget
You might also like: Floki up 13% as devs launch RWA platform

As a result, Bitget suspended deposits and trading services for TokenFi on Oct. 31, 2023, canceling all pending orders. By Nov. 7, 2023, the exchange plans to buy back tokens based on the highest closing price. Eventually, Bitget will swap the tokens into USDT at the buyback price.

The removal of TokenFi comes just four days after Bitget listed the token in the Innovation Zone of the Spot market. As per Floki’s Medium announcement, TokenFi was designed as a crypto and asset tokenization platform “that aims to capitalize on the trillion-dollar tokenization industry.”

Amid the news, TOKEN is trading up 284% at $0.018, according to data from CoinGecko.

Read more: FLOKI surges 25% on 2023 roadmap release
Follow Us on Google News

Comments

Post a Comment

Popular posts from this blog

Aptos to 'Unlock' $100 Million Worth of APT Token

Image
Crypto unlocking is quite a common phenomenon where entities release specific amounts of frozen tokens. This is usually done to prevent early investors and project team members from selling in large numbers. Now, Aptos tokens worth more than $100 million are set to be unlocked in mid-November. The 20 million tokens represent around 10% of the circulating supply of APT . 🚨 Unlocks Alert $ APT 🚨 🗓️ On November 12th, 2023 🔥 First team and investors unlock🔥 🌟 20m $ APT for team and investors 🔓 Approximately $129m unlocks are coming 💸 10.8% of circulating supply will be unlocked If you are a private investor, what's your move? Don't miss out!… pic.twitter.com/s6w8PgBvaU — Token Unlocks (@Token_Unlocks) September 11, 2023 Also Read: NFTs: Stoner Cats Price Up 267% Despite SEC Charges What to Expect from the APT Unlock Crypto token unlock s are usually considered bearish catalysts because they free up liquidity and open doors for investors to lock in profits.
Read more

Binance Is Building For The Future Crypto User, Celebrates Over 200 Updates in 2023

For the past six years, Binance has provided users with a one-stop shop for anything crypto, providing an ecosystem of tools and information that ease the journey of a crypto user. This year has been no different, with the exchange bringing about over 200 new updates and features to the platform, including the first crypto tax assistant – Binance Tax Tool, a ChatGPT-like tool providing crypto information – Binance Sensei, and a range of wallets and payment options with Binance DeFi Wallet, Binance Pay, Binance Card and Binance Gift Card.  Nonetheless, the prominent crypto exchange also faced massive challenges earlier in the year as the US Securities and Exchanges Commission (SEC) charged the exchange for offering “unregistered securities” to US residents. The lawsuit is currently ongoing, but the exchange reached an agreement with the regulator to avoid a full asset freeze of the platform in the US and keep customer assets in the United States as the lawsuit proceeds.  The recent
Read more

Metaverse land sales update a year-low at $4.1m

Image
DappRadar analysts say the industry and observers need to internalize the evolving utility of metaverses. Blockchain-based virtual worlds are struggling to weather the storm as on-chain data indicate a continued trade decline. According to a monthly overview report by DappRadar, in August 2023, there were only 8,329 land sales (worth $4.1 million in total) in virtual reality projects, a decline of 23% compared to Jul. 2023. Trading volume in virtual worlds | Source: DappRadar In addition to regulatory pressure from U.S. regulators, the decline in sales comes when the whole crypto industry is trying to stay afloat amid the bear market. Decentraland volume and sales data on a daily basis | Source: NFT Price Floor According to data from NFT Price Floor, Decentraland’s average sale price plunged 22% to 0.5322 ETH (~$860 at the time of writing) per land over the past 90 days. Decentraland trading volume for the same period dropped by 40.5%. Other metaverse-focused ecosystem
Read more