Bitget Delists TokenFi Over Market Manipulation Suspicions
In Brief
Cryptocurrency exchange Bitget announced delisting of TokenFi (TOKEN) from its trading platform over market manipulation suspicions.
Prominent cryptocurrency exchange Bitget has declared the delisting of TokenFi (TOKEN) from its trading platform.
This decision comes in the wake of significant price fluctuations and growing concerns about the project’s legitimacy and transparency.
According to Bitget, its thorough investigation into the matter revealed unsettling details regarding TokenFi’s operations, including a suspected case of market manipulation through the deliberate control of initial liquidity.
A key discovery during the probe was the revelation that the project team had contributed a meager sum of less than $2,000 in tokens to the liquidity pool of decentralized exchanges (DEXes). This finding raised red flags about the project’s credibility and further underscored the need for regulatory action to safeguard investor interests.
Moreover, additional issues surfaced during the investigation, such as an ambiguous token economy and an unclear vesting schedule, casting doubt on the project’s long-term viability.
In light of these concerning revelations, Bitget chose to take a definitive stance to protect its users, leading to the decision to delist TokenFi (TOKEN).
Suspension of Services on Bitget
The delisting process involves the suspension of the deposit and trading services for TokenFi (TOKEN), effective from 16:00 on October 31, 2023 (UTC+8).
Bitget has also annulled all pending orders related to the token to ensure a smooth transition.
To compensate affected users, the firm has initiated a buyback plan based on the highest closing price of TokenFi (TOKEN) within the five days of its initial trading on Bitget.
During this period, from October 27 to October 31, the closing price stood at 1 TOKEN = 0.00605002 USDT. As part of the redemption process, Bitget will automatically convert the TOKEN holdings of users into USDT at the designated buyback price, streamlining the reimbursement process and simplifying the user experience.
Underlining its commitment to fostering a robust and sustainable blockchain ecosystem, Bitget emphasized the strengthened monitoring and evaluation of listed projects by its asset management team.
The introduction of the Bitget Innovation Zone further underscores the exchange’s dedication to identifying and supporting promising blockchain ventures. Moving forward, Bitget pledges to continue its efforts in discovering high-quality projects and providing comprehensive support, including ecosystem incubation, to facilitate their wider adoption and success.
For any further inquiries or assistance, users are encouraged to reach out to Bitget’s 24/7 online customer service.
As the cryptocurrency landscape continues to evolve, Bitget remains resolute in its mission to uphold the highest standards of integrity and transparency, ensuring the security and well-being of its growing user base.
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About The Author
Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
