In a detailed statement released by Floki, the blockchain entity has alleged unauthorized conduct by Bitget, a cryptocurrency exchange, regarding the listing and trading of its new token ($TOKEN). Floki accused Bitget of listing and facilitating the trading of $TOKEN prior to its official launch, contrary to prior agreements and official communications.
Floki intended for $TOKEN to be a part of a trillion-dollar tokenization industry project, with initial plans laid out on October 18, 2023. It communicated to various exchanges, including Bitget, requesting them to withhold listing the token until seven days post-official launch.
Despite this, Bitget, contrary to the agreement, announced the listing soon after Floki unveiled details of the token’s launch.
Floki's communications emphasized that Bitget’s listing was not only premature but also misrepresented, as it was alleged to have listed a counterfeit version of $TOKEN 12 minutes before it was officially tradable on the blockchain.
Despite official clarifications and warnings from Floki, Bitget's alleged faux token saw trading volumes around $50 million within a 48-hour period.
The statement further highlighted that Bitget's actions seemed speculative and deceitful, as trading took place without substantive blockchain evidence of actual token holdings representing user purchases.
Bitget, in the aftermath, was accused of withholding user withdrawal requests, allegedly leading to an observable outcry on various social media platforms.
Floki’s interaction with Bitget, as described in the statement, seemed to lack cooperation and clarity from the latter, with Bitget supposedly requiring up to 1 billion TokenFi tokens to meet user withdrawal demands, summing up to an estimated value of $20 million.
Their proposition was viewed as speculative short-selling, expecting the token to crash to cover their deficits.
Floki’s statement included an official challenge to Bitget, urging the exchange to publicly verify their $TOKEN and $FLOKI holdings and trading activities.
This comes amidst concerns about the overall solvency and risk management practices of the exchange, raising red flags about the security and integrity of user holdings and transactions on the platform.
