header banner
Default

After listing a fraudulent version of TOKEN, Bitget Global suffered a $10 million deficit


  • Crypto derivatives exchange Bitget announced the delisting of TOKEN after the exchange was left with a $10 million hole. 
  • The platform listed the fake TOKEN despite Floki Inu's team requests of not doing so. 
  • Binance CEO Changpeng Zhao criticized the exchange’s listing of the fake TOKEN. 

Meme coin project Floki Inu said Wednesday that crypto derivatives exchange Bitget's move to delist its newly-created token, TokenFi (TOKEN), has resulted in a $10 million deficit for the exchange. On Tuesday, Bitget said that it had delisted the token due to potential price manipulation and liquidity issues, with Floki Inu responding that Bitget had listed a "fake token" after ignoring requests of waiting for a week.

Bitget scrambles to fill alleged million hole 

VIDEO:

Bitget exchange has found itself in a $10 million hole after the exchange listed the fake version of Floki’s TOKEN and suffered price manipulation, according to Floki Inu. The exchange had recently disregarded Floki’s request against immediately listing its token. The listing was followed by millions of dollars in trade without equivalent assets to facilitate user withdrawals. 

Bitget listed the fake TOKEN before the asset became officially tradable. The team behind Floki described the series of events that led to Bitget’s listing and the financial setback for the exchange, in a tweet on X.

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

The exchange platform had initially criticized Floki’s TOKEN treasury and vesting schedule. The incident has left Bitget scrambling to recover its losses. Bitget’s situation requires 10% of the TokenFi total supply, to make the exchange whole after its $10 million deficit. The challenge is that a majority of TOKEN is currently locked in Floki’s staking pool and there is a lack of liquidity. Bitget may not be able to buy an equivalent volume of TOKEN on cryptocurrency exchanges. Bitget didn't inmediately respond FXStreet requests for comment about the amount liable to customers.

Binance CEO condemns Bitget’s move

VIDEO:

Binance CEO, Changpeng Zhao (CZ) criticized Bitget exchange for its fake token listing in a recent tweet on X. 

CZ claims that the exchange has “messed with the wrong community,” referring to Floki Inu project’s FLOKI and TOKEN holders.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Sources


Article information

Author: Christina Bailey

Last Updated: 1700083682

Views: 719

Rating: 4.5 / 5 (107 voted)

Reviews: 91% of readers found this page helpful

Author information

Name: Christina Bailey

Birthday: 1998-07-27

Address: 52246 Beverly Cove Apt. 851, Tanyaville, FL 18223

Phone: +3999594049087368

Job: Surveyor

Hobby: Pottery, Origami, Embroidery, Coffee Roasting, Card Games, Knitting, Raspberry Pi

Introduction: My name is Christina Bailey, I am a multicolored, risk-taking, priceless, rich, vivid, radiant, Gifted person who loves writing and wants to share my knowledge and understanding with you.