Floki Conducts the Transfers of $FLOKI to Gate after a Request for Help

Floki, the popular meme token issuer has recently provided crucial information as well as context concerning a series of recent transactions.

Floki, the issuer of the popular meme token, has recently provided important details and context regarding a series of recent transactions. According to Floki, the transactions, which involved moving a total of 257 billion FLOKI tokens, were carried out from the multisig wallet to the well-known centralized crypto exchange Gate. The platform shared a blog post on Medium to provide further insights into this development.

We recently completed a series of $FLOKI transfers totaling 257B tokens with @gate_io.

The transactions were successfully completed and can be verified on-chain. For full details and transparency, please read our latest update for a detailed breakdown. ?… pic.twitter.com/mu184jxtyE

Floki Conducts the Transfers of $FLOKI to Gate after a Request for Help

As highlighted in the blog post, the Gate exchange had reached out to Floki regarding their inability to shift coins. In this regard, they clarified their transfer attempts between specific wallet addresses and their main hot wallet. Notably, Gate utilizes this particular hot wallet to facilitate consumer withdrawals.

Interestingly, Floki had included the respective wallets in its blacklist contract prior to the renouncement a couple of years back. The platform had reportedly unveiled the Nottingham upgrade to address a critical inflation bug in FLOKI V1 in January 2022. Along with this, it had promptly renounced its contract's blacklist function.

Before doing so, Floki had reached out to each centralized exchange in their contact, ensuring that none of the wallets therein were present in the said list. Furthermore, Floki had also whitelisted its Floki multisig, allowing the blacklisted wallets to always send coins to it in case of an emergency.

In recent times, the airdrop of CAT tokens to holders of FLOKI tokens has placed a strain on the reserves of several exchanges. At the same time, users of centralized exchanges have been attempting to shift their crypto coins to Binance in an effort to qualify for the airdrop. This has resulted in Gate having to handle an increased volume of withdrawal requests for FLOKI.

This likely necessitated the consolidation of the smaller wallets therein for processing these withdrawals. However, Gate realized that the relevant wallet had not been removed from the blacklist, prompting them to reach out to the Floki team for assistance. In turn, Floki advised them to send the tokens in the affected wallet to the platform's Floki multisig.

Meme Token Issuer Allows Users to Verify the On-Chain Transactions for Transparency

According to Floki, its multisig wallet is the sole address that was whitelisted prior to the renouncement of the blacklist function. Following this, Floki proceeded to send the respective tokens to Gate’s hot wallet. Floki has also highlighted these transfers, stating that users can confirm the respective transactions on-chain. The transfers took place a couple of hours ago, and by doing this, Floki aims to maintain professionalism and transparency, and to further strengthen their relationships with their partners and the community.