Saturday, May 25, 2024

Bitget Global suffer by $10 million deficit after listing fake version of Floki Inu TOKEN.

Meme coin project Floki Inu announced on Wednesday that Bitget, a cryptocurrency derivatives exchange, had lost $10 million as a result of its decision to delist TokenFi (TOKEN), the exchange’s recently developed token. After rejecting demands to wait a week, Floki Inu responded on Tuesday, accusing Bitget of listing a “fake token” in response to its announcement on Tuesday that it had delisted the token owing to possible price manipulation and liquidity difficulties.

Bitget is rushing to close a purported $10 million deficit.

According to Floki Inu, Bitget Exchange experienced price manipulation and featured a fraudulent version of Floki’s TOKEN, which left the exchange in financial ruin. Floki had recently requested that the exchange hold off on listing its coin right now, but it had been ignored. Millions of dollars in transactions followed the listing; however, there were no corresponding assets to allow user withdrawals.

Before the bogus TOKEN was formally listed for trade, Bitget listed it. In a tweet on X, the Floki team detailed the sequence of events leading up to Bitget’s IPO and the exchange’s financial failure.

The trading platform initially posed a challenge to Floki’s TOKEN vesting schedule and treasury. Bitget is currently working hard to make up for its losses from the tragedy. 10% of TokenFi’s total supply is needed in Bitget’s case to make up for the exchange’s $10 million shortfall. The issue is that there is now insufficient liquidity and most of TOKEN is restricted to Floki’s staking pool. On cryptocurrency exchanges, Bitget might not be able to purchase an equivalent volume of TOKEN. Requests for comments from FXStreet regarding the amount payable to clients were not immediately answered by Bitget.

The CEO of Binance criticizes Bitget’s action.

In a recent tweet on X, Changpeng Zhao, the CEO of Binance, chastised Bitget Exchange for their fictitious token listing.

CZ asserts that the exchange has “messed with the wrong community,” alluding to the FLOKI and TOKEN holders of the Floki Inu initiative.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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