BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BREAKING NEWS

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
Reading Time: 3 mins read
A A
1
SHARES
18
VIEWS
Share on XShare in TelegramShare 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
Previous Post

Microsoft’s Latest Windows 11 Update Introduces “Copilot,” an AI chatbot Inspired by OpenAI’s ChatGPT

Next Post

Spyglass Media Group and Sony Pictures Partner with MeetKai for a Unique Horror Metaverse Experience, “Survive Thanksgiving”

DON'T MISS THESE! HOT OFF THE PRESS

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling
CRYPTO

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?
CRYPTO

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak
CRYPTO

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party
CRYPTO

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
Load More

Related News

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Twitter Telegram Threads

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
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

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

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