Bitget has initiated the delisting of TokenFi (TOKEN)
Cryptocurrency exchange Bitget announced the delisting of TokenFi (TOKEN), a native platform token recently launched by the Floki meme coin team.
On October 27, 2023, Bitget announced its support for TokenFi (TOKEN) in the spot market Innovation Zone. According to the rules of the Innovation Zone, a 60-day evaluation period is provided for all newly registered pairs in the Zone.
After the launch of the TokenFi (TOKEN) trading service, significant price fluctuations were noticed. The project team was also found to have added tokens worth less than $2,000 to the DEX liquidity pool and was suspected of manipulating the market by purposefully controlling initial liquidity, according to Bitget's website. In addition, further investigation into the project revealed other potential problems, such as opaque token economics and an unclear rights transfer schedule.
In order to protect its clients, Bitget has decided to exclude TokenFi (TOKEN) and launch a buyback plan for users who hold the token on the exchange.
TokenFi (TOKEN) exclusion procedure:
- Bitget will suspend TokenFi (TOKEN) deposit and trading services and cancel all pending orders at 16:00 (UTC+8 time) on October 31, 2023;
- By 16:00 (UTC+8 time) on November 7, 2023, the crypto exchange will launch a buyback plan at the highest closing price of TokenFi (TOKEN) during the 5 days the token was open for trading on Bitget (from October 27 to October 31), i.e. 1 TOKEN = 0.00605002 USDT;
- To simplify the user experience, Bitget will automatically swap TOKEN in user accounts with USDT at the buyback price.
Bitget emphasized that with the emergence of a growing number of promising blockchain projects, the industry is paying more attention to the sustainable operation of blockchain projects in addition to the initial project activity. To this end, the exchange has strengthened the continuous tracking and evaluation of listed projects through the establishment of the Bitget Innovation Zone.
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