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Amidst the rapid expansion of the cryptocurrency market, the recent controversy surrounding the premature listing of TokenFi (TOKEN) has caused significant turbulence for the popular digital currency FLOKI.

The launch of the real-world assets (RWA) tokenization platform TokenFi and its native token TOKEN, resulted in a surge in the value of the FLOKI token we had reported in an earlier article. However, the controversy surrounding the premature listing of TOKEN by exchanges such as BitGet has caused the value of FLOKI to drop by almost 9% today.

The controversy erupted when BitGet exchange, against the wishes of the FLOKI team, listed the TokenFi project prematurely, resulting in the trading of a counterfeit version of the TOKEN.

 The FLOKI team claims they had explicitly requested all exchange partners to delay the listing of TokenFi until a DAO vote was conducted, a request that BitGet allegedly disregarded.

FLOKI’s response to BitGet’s actions was swift, as they took to social media to highlight their dissatisfaction. They accused BitGet of facilitating the trading of fake tokens, resulting in a staggering $50 million trading volume within a 48-hour period.

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

Additionally, FLOKI claimed that BitGet confessed to requiring a billion TokenFi tokens to meet user withdrawal demands and cover their financial shortcomings.

Following the recent developments, BitGet today announced it was delisting and buying back the version of TokenFi (TOKEN) it had listed. However, BitGet proposed purchasing these tokens at a significant discount from the market price, drawing criticism from the FLOKI team.

The fallout from the dispute has had a tangible impact on FLOKI’s value, with the price plummeting as investor confidence wavers.

The contentious nature of the listing has raised doubts about the credibility of the TokenFi project and has instigated a reevaluation of the FLOKI team’s ability to manage such issues effectively.

The post TokenFi (TOKEN) listing controversy costs FLOKI as price drops appeared first on Invezz

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