BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

Floki Accuses Bitget of Listing Counterfeit TokenFi Token, Resulting in $50M of Deceptive Trading Volume

by BlockNews.com Team
October 31, 2023
in Breaking News, Business, Crypto
A A
Floki Accuses Bitget of Listing Counterfeit TokenFi Token, Resulting in $50M of Deceptive Trading Volume
1
SHARES
Share on TwitterShare on Reddit
  • Bitget listed a fake version of Floki’s TokenFi token before official launch, resulting in $50 million in volume without actual reserves.
  • Bitget delayed withdrawals and required 1 billion tokens from Floki to cover user withdrawals after trading a fake token without reserves.
  • Floki warns the unauthorized listing and trading of fake TokenFi tokens by Bitget was unethical and put users at risk.

Floki meme coin has accused crypto exchange Bitget of deceitful practices involving the unauthorized listing of a fake TokenFi token. In this post, we will examine the details behind Floki’s claims and Bitget’s questionable actions.

🚨 NEWS: Meme coin $Floki calls out Bitget for allegedly listing and trading a fake version of their TokenFi token.

Bitget's actions resulted in a $50M trading volume surge, even after repeated warnings.

The exchange later faced withdrawal issues, citing 'liquidity' problems. pic.twitter.com/wcbgKhzcE3

— BlockNews.com (@blocknewsdotcom) October 31, 2023

Floki’s Plans for TokenFi

On October 18, Floki initiated a DAO proposal to launch a Floki staking program and reward token targeting the trillion-dollar tokenization industry. Floki requested that all exchanges, including Bitget, refrain from listing TokenFi until after a community vote.

Bitget Defies Warnings and Lists Fake Token

Despite Floki’s warnings, Bitget listed a fake version of TokenFi 12 minutes before the official launch. This resulted in nearly $50 million in volume on Bitget’s platform over 48 hours. However, Bitget did not actually possess any of the real TokenFi tokens to back the trades.

Withdrawals Delayed, Then Delisting

Initially, Bitget said withdrawals would open 24 hours after trading began. But they continued to delay withdrawals before delisting TokenFi due to “liquidity issues.” Bitget required 1 billion TokenFi tokens from Floki to fulfill user withdrawals after facilitating millions in trades without reserves.

Floki’s Response

Floki found it questionable that Bitget expected the TokenFi treasury to cover the deficit caused by Bitget’s actions. The unauthorized listing and irresponsible practices put users at risk. Floki continues to warn exchanges and investors about the dangers of the fake TokenFi token.

Conclusion

The Floki-Bitget dispute highlights the need for transparency and integrity, even among top exchanges. Listing tokens without project approval and adequate reserves is unethical and harms users. The crypto industry must uphold standards to earn mainstream trust.

Tags: BitgetBusinesscryptoDAOfloki
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

JRNY CLUB Announces $JRNY Token and EARN Platform
Breaking News

JRNY CLUB Announces $JRNY Token and EARN Platform

May 7, 2025
Everything You Need to Know About Doodles Upcoming DOOD Token
Crypto

Everything You Need to Know About Doodles Upcoming DOOD Token

May 7, 2025
Mark Cuban Slams Trump’s Crypto Ventures as Self-Serving Disaster: Is This True?
Crypto

Mark Cuban Slams Trump’s Crypto Ventures as Self-Serving Disaster: Is This True?

May 7, 2025
Federal Reserve Holds Rates Steady Amid Tariff Uncertainty: Trump Disappointment Grows
Breaking News

Federal Reserve Holds Rates Steady Amid Tariff Uncertainty: Trump Disappointment Grows

May 7, 2025
U.S. Aims to Become Premier Hub for Digital Asset Innovation, Says Bessent
Crypto

U.S. Aims to Become Premier Hub for Digital Asset Innovation, Says Bessent

May 7, 2025
Analysts Predict Solana’s POPCAT Could Double Amid Surging Memecoin Interest: Here is Why
Crypto

Analysts Predict Solana’s POPCAT Could Double Amid Surging Memecoin Interest: Here is Why

May 7, 2025
Load More

Related News

JRNY CLUB Announces $JRNY Token and EARN Platform

JRNY CLUB Announces $JRNY Token and EARN Platform

May 7, 2025
Everything You Need to Know About Doodles Upcoming DOOD Token

Everything You Need to Know About Doodles Upcoming DOOD Token

May 7, 2025
Federal Reserve Holds Steady as Trump Tariffs Threaten Economic Stability: The Hard Truth Exposed

Federal Reserve Holds Steady as Trump Tariffs Threaten Economic Stability: The Hard Truth Exposed

May 7, 2025
Mark Cuban Slams Trump’s Crypto Ventures as Self-Serving Disaster: Is This True?

Mark Cuban Slams Trump’s Crypto Ventures as Self-Serving Disaster: Is This True?

May 7, 2025
Federal Reserve Holds Rates Steady Amid Tariff Uncertainty: Trump Disappointment Grows

Federal Reserve Holds Rates Steady Amid Tariff Uncertainty: Trump Disappointment Grows

May 7, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Newsletter
  • Advertise
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX Gary Gensler grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.