As a seasoned analyst with over two decades of experience in the volatile and ever-evolving world of cryptocurrencies, I find myself deeply troubled by the recent developments surrounding Gifto (GFT). The allegations of secretly minting 1.2 billion tokens, just a day after Binance announced its delisting, is a stark reminder of the importance of transparency in this industry.
Rumors emerged that Gifto’s team covertly produced 1.2 billion tokens, effectively doubling the token supply just a day following Binance‘s announcement of GFT’s removal from their exchange platform.
This week, worries about Gifto’s openness have grown more pronounced as market conditions suddenly changed due to a questionable decision made by the project’s team. As a result, the value of Gifto (GFT) dropped by 35% on Thursday, November 28th. This plunge occurred after accusations emerged that the token’s supply was unexpectedly doubled, following Binance’s announcement that it intended to remove the asset from its exchange.
On November 26, 2024, it has been revealed that Binance plans to remove Gifto (GFT) from its platform.
— ZachXBT (@zachxbt) November 28, 2024
In a recent update from X’s platform, investigator ZachXBT uncovered that the Gifto team covertly created 1.2 billion additional GFT tokens on the BNB Chain (previously known as Binance Smart Chain). This secret minting brought the total number of tokens to more than 2.2 billion. The freshly minted tokens were then distributed across various trading platforms such as KuCoin, OKX, Gate.io, Binance itself, MEXC, HTX, and Bitget.
Up to the latest news report, Gifto has yet to make any public comment. Their last post was on November 24, which was two days prior to Binance’s announcement that they would delist GFT by December 10, citing worries about development activity, liquidity, and project dedication in the case of GFT and four other tokens.
Established in 2017 by Andy Tian, Gifto is a blockchain system primarily concerned with digital gifting and content monetization. In January 2023, the decentralized cross-chain IDO platform Poolz infused $2.5 million into Gifto tokens to support its revised plan. However, news broke out in February that Tian had tragically passed away at the age of 47. The project’s main X account has been silent on this matter, leaving speculation about leadership and the project’s future unanswered.
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2024-11-28 10:46