Announcement on The Delisting of TokenFi (TOKEN) and Buyback Plan
At 23:00 on October 27, 2023 (UTC+8), Bitget announced the listing of TokenFi (TOKEN) in the Innovation Zone of the Spot m arket. According to the rules of the Innovation Zone, a 60-day valuation period will be given for all the newly listed pairs in the zone.
After the trading service of TokenFi (TOKEN) began, significan t price fluctuations have been noticed. It was also found that the project team only added less than $2,000 in tokens to the liquidity pool of DEXes, and was suspected of market manipulation by maliciously controlling the initial liquidity. In addition, during a further investigation of the project, more potential issues such as an opaque token economy and an unclear vesting schedule have been discovered. To be responsible for our users, after comprehensive consideration, Bitget has decided to delist TokenFi (TOKEN) and launch a buyback plan for users who hold the token on Bitget. The arrangements are as follows:
Bitget had suspended the deposit and trading services of TokenFi (TOKEN) at 16:00 on October 31, 2023 (UTC+8), and canceled all pending orders;
Before 16:00 on November 7, 2023 (UTC+8), Bitget will implement the buyback plan on the basis of the highest closing price of TokenFi (TOKEN) within the 5 days when the token is opened for trading on Bitget (from October 27 to October 31), that is, 1 TOKEN = 0.00605002 USDT;
In order to simplify the user experience, we will automatically swap TOKEN in user accounts into USDT at the buyback price. If you have any questions, please feel free to contact 7*24 online customer service.
With the emergence of a growing number of promising blockchain projects, in addition to the initial activeness of the project, the industry is also paying more attention to the sustainable operation of blockchain projects. To this end, Bitget’s asset management team has strengthened the continuous tracking and evaluation of listed projects. And this is also why we established the Bitget Innovation Zone. In the future, we will continue to discover high-quality projects and provide various support such as ecosystem incubation to help bring them to the masses.