The Gifto development team has been accused of secretly minting 1,2 million GFT, doubling the amount the day after Binance announced the delisting of the token.
This controversial move by the Gifto team led to a 35% drop in the token.
GFT token rate
One of the first to report the situation was blockchain investigator ZachXBT. He wrote that the Gifto team quietly issued 1,2 million new GFT tokens on BNB Chain , increasing the total number of tokens to over 2,2 billion. The new tokens were subsequently listed on several exchanges, including KuCoin , OK , Gate.io , Binance , MEXC, HTX and Bitget.
It was announced that Binance will delist GFT on November 26, 2024. A few hours ago, the Gifto team issued another 1,2 billion GFT on the BSC, more than doubling the total supply. GFT was then listed on Kucoin , MEXC HTX, Bitget, Binance , OK and Gate,” wrote ZachXBT.
Gifto developers have not yet released any official statements regarding the current situation.
Gifto, a blockchain protocol focused on digital gifts and content monetization, was founded in 2017 by Andy Tian. In January 2023, the decentralized cross-chain platform IDO Poolz invested $2,5 million in Gifto tokens to support its updated roadmap. A month later, reports emerged that Tian had died suddenly at the age of 47. The project’s official account remained silent on the matter, leaving questions about the project’s leadership and future unresolved.
