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
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.