Allegations surfaced against Gifto’s team for secretly minting 1.2 billion tokens, doubling the supply a day after Binance announced GFT’s delisting
This week, market dynamics abruptly changed in response to a controversial decision made by the project’s team, which exacerbated concerns regarding Gifto’s transparency. The price of Gifto
On Thursday, November 28, the token’s value plummeted by 35% in response to allegations that the supply had been abruptly doubled. This occurred just one day after Binance announced its intention to delist the asset.
ZachXBT, a blockchain investigator, disclosed in an X post that the Gifto team secretly generated 1.2 billion new GFT tokens on BNB Chain (formerly Binance Smart Chain), thereby boosting the total supply to over 2.2 billion.
The newly created tokens were subsequently deposited on various exchanges, such as KuCoin, OKX, Gate.io, and Binance, as well as MEXC, HTX, and Bitget.
Gifto has not yet released a public statement. Its most recent X post was dated November 24, which was two days before Binance announced GFT’s delisting.
Binance announced in a press release that GFT and four other tokens would be delisted by December 10 due to project commitment, liquidity, and development activity concerns.
Founded in 2017 by Andy Tian, Gifto is a blockchain protocol that concentrates on monetizing content and giving digital gifts. Poolz, a decentralized cross-chain IDO platform, invested $2.5 million in Gifto tokens in January 2023 to support its revised roadmap.
Tian’s abrupt death at the age of 47 was reported one month later. The official X account of the project was silent on the matter, which left unresolved concerns regarding the project’s future and leadership.
