#Gifto Price Drops 35% After Team Floods Exchanges With 1.2 Billion Silently Minted Tokens
Allegations have emerged against the Gifto team for secretly minting 1.2 billion tokens, doubling the supply a day after Binance announced the delisting of GFT.
Concerns over Gifto’s transparency have intensified this week as market dynamics have abruptly shifted following a controversial move by the project team. The price of Gifto (GFT) dropped 35% on Thursday, November 28, following allegations that the token’s supply had been abruptly doubled, just a day after Binance announced plans to delist the asset.
It was announced that Binance would delist GFT on November 26, 2024. A few hours ago, the Gifto team minted an additional 1.2B GFT on BSC, more than doubling the total supply. The GFT was then deposited to Kucoin, MEXC HTX, Bitget, Binance, OKX, and Gate. Binance… pic.twitter.com/buvG9l88Yc
— ZachXBT (@zachxbt) November 28, 2024
In a post on X, blockchain detective ZachXBT revealed that the Gifto team quietly minted 1.2 billion new GFT tokens on the BNB Chain (formerly Binance Smart Chain), increasing the total supply to over 2.2 billion. The newly minted tokens were subsequently deposited to several exchanges, including KuCoin, OKX, Gate.io, and Binance itself, as well as MEXC, HTX, and Bitget.
As of press time, Gifto has not issued a public statement, with its most recent X post dated November 24, two days before Binance announced the delisting of GFT. In a press release, Binance said that GFT and four other tokens would be delisted by December 10 due to concerns about development activity, liquidity, and project commitment.
Founded in 2017 by Andy Tian, Gifto is a blockchain protocol focused on digital gifting and content monetization.
Source: @criptonews $GFT #GFT
