The conflict erupts on the eve of Halloween, as Floki, the cross-chain cryptocurrency, and the Bitget exchange accuse each other of market manipulation and contract violations.
The controversy began when Bitget decided to delist TokenFi (TOKEN), a cryptocurrency associated with Floki, alleging that Floki’s market manipulation was affecting initial liquidity.
Bitget observed significant price fluctuations in TOKEN after the commencement of its trading services and expressed concerns about the transparency of TOKEN’s economic model and its investment program.
These allegations sparked a market-wide debate about the integrity and legitimacy of operations surrounding the token.
Crossfire Between Floki and Bitget
In response to these accusations, they couldn’t stay silent. The Floki team counterattacked, accusing Bitget of breaching a preexisting agreement by listing a ‘fake token’ before the official launch.
SETTING THE RECORDS STRAIGHT ABOUT THE UNAUTHORIZED BITGET $TOKEN LISTING
On October 18, 2023, we put up a DAO proposal to launch the Floki staking program and a reward token that will target a trillion-dollar industry with strong potential. While we didn’t mention it in the DAO… pic.twitter.com/JGnlKmR0lo
— FLOKI (@RealFlokiInu) October 31, 2023
From Floki, they also questioned Bitget’s popularity, pointing to the platform as the least relevant exchange.
On the other hand, all exchanges had supposedly agreed to include TokenFi on their platforms after seven days had passed since the token’s launch.
According to Floki, Bitget violated that established agreement to capitalize on the anticipation generated around the TOKEN’s launch.
Additionally, Floki pointed to previous posts in which they had warned the community about the risks associated with alleged ‘fake tokens’ being listed on centralized exchanges before the official launch of TOKEN.
The controversy reached its peak when Floki publicly questioned Bitget for conducting multimillion-dollar trades in TOKEN, despite the lack of evidence of the existence of a single real unit of the token on the platform.
Finally, they pointed out a multitude of insolvency issues with Bitget, citing numerous user complaints about withdrawal restrictions on the exchange.
This matter took the confrontation to a deeper level, raising doubts within the community about Bitget’s integrity as a trading platform.
For now, it seems that the conflict is far from being resolved. The community of investors will continue to closely monitor the development of this ongoing saga, well aware that transparency and reliability are essential for the continued success of cryptocurrencies.