Bitget Takes Action by Delisting TokenFi Amid Market Manipulation Allegations

Prominent cryptocurrency exchange Bitget has declared the delisting of TokenFi (TOKEN) from its trading platform.

This choice is a response to significant fluctuations in TokenFi's price, raising alarms over the project's trustworthiness and its transparency.

Bitget's comprehensive investigation into TokenFi uncovered disturbing information about its operations, hinting at a potential case of manipulating the market through strategic control of the initial liquidity.

A noteworthy finding during the investigation was that the project team had only contributed a scant amount of less than $2,000 in tokens to the liquidity pool on decentralized exchanges (DEXes). This raised serious concerns about the project's legitimacy and emphasized the pressing need for regulatory action to protect investors. decentralized Furthermore, other red flags emerged during the inquiry, such as a vague token economy and an unclear vesting timetable, which cast doubt on the project's potential for sustained success.

Given these troubling findings, Bitget took a firm stand to safeguard its users, culminating in the decision to remove TokenFi (TOKEN) from the platform.

The removal process entails halting deposit and trading services for TokenFi (TOKEN), set to take effect at 16:00 on October 31, 2023 (UTC+8).

Suspension of Services on Bitget

All outstanding orders for the token have been canceled by Bitget to ensure a smooth transition for their users.

To aid users affected by this move, Bitget has initiated a buyback scheme, pegged to the highest closing value of TokenFi (TOKEN) observed during its initial trading week.

From October 27 to October 31, the closing price was recorded at 1 TOKEN = 0.00605002 USDT. As part of the reimbursement process, Bitget will automatically convert users' TOKEN holdings into USDT based on this buyback price, making the compensation hassle-free and user-friendly.

Reaffirming its commitment to cultivating a robust and sustainable cryptocurrency ecosystem, Bitget has underscored the enhanced monitoring and assessment of all listed projects by its asset management team.

The establishment of the Bitget Innovation Zone further illustrates the exchange's dedication to pinpointing and nurturing promising blockchain initiatives. Looking ahead, Bitget is committed to continuously supporting high-potential projects and offering extensive backing, including ecosystem incubation, to facilitate their widespread success.

For any additional questions or support, users are welcome to contact Bitget’s 24/7 customer service.

As the cryptocurrency space evolves, Bitget is steadfast in its mission to maintain the highest levels of integrity and transparency, ensuring the security and prosperity of its expanding user base.

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