Gifto

Allegations surfaced against Gifto’s team for secretly minting 1.2 billion tokens, doubling the supply a day after Binance announced GFT’s delisting.
Concerns over Gifto’s transparency intensified this week as market dynamics shifted abruptly following a controversial move by the project’s team. The price of Gifto (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/gifto/">GFT</a>) plunged 35% on Thursday, Nov. 28, following allegations that the token’s supply was abruptly doubled, just a day after <a href="https://crypto.news/tag/binance/" target="_blank" rel="noopener noreferrer nofollow">Binance</a> announced plans to delist the asset.
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 It was announced that Binance would delist GFT on Nov 26, 2024. A few hours ago the Gifto team minted another 1.2B GFT on BSC which more than doubled the total supply. GFT was then deposited to Kucoin, MEXC HTX, Bitget, Binance, OKX, &amp; Gate. Binance… <a rel="noopener noreferrer nofollow" href="https://t.co/buvG9l88Yc" target="_blank">pic.twitter.com/buvG9l88Yc</a>— ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1861978997376069918?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 28, 2024</a>
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In <a href="https://x.com/zachxbt/status/1861978997376069918" target="_blank" rel="noopener noreferrer nofollow">an X post</a>, blockchain sleuth ZachXBT revealed that the Gifto team quietly minted 1.2 billion in new GFT tokens on BNB Chain (formerly Binance Smart Chain), increasing the total supply to over 2.2 billion. The newly minted tokens were subsequently deposited on multiple exchanges, including KuCoin, OKX, Gate.io, and Binance itself, as well as MEXC, HTX, and Bitget.
As of press time, Gifto had not issued a public statement, with its most recent X post dated Nov. 24, two days before Binance announced GFT’s delisting. In a <a href="https://crypto.news/binance-will-delist-gft-iris-key-oax-and-ren-on-dec-10/" target="_blank" rel="noopener noreferrer nofollow">press release</a>, Binance said that GFT and four other tokens would be delisted by Dec. 10 due to concerns over development activity, liquidity, and project commitment.
Founded in 2017 by Andy Tian, Gifto is a blockchain protocol focused on digital gifting and content monetization. In January 2023, the decentralized cross-chain IDO platform Poolz <a href="https://giftoblog.medium.com/poolz-has-made-a-strategic-2-5m-investment-in-gifto-b4b3bd008118" target="_blank" rel="noopener noreferrer nofollow">invested</a> $2.5 million in Gifto tokens to back its updated roadmap. A month later, reports <a href="https://mirror.xyz/0xaaAB218F26C86B8D2b447533De06613574197133/gjNIi4fNZayypmUEN1tWQu8C0HRu-ALg7N-8umMlJlI" target="_blank" rel="noopener noreferrer nofollow">emerged</a> that Tian had passed away suddenly at the age of 47. The project’s official X account remained silent on the matter, leaving questions about leadership and the project’s future unresolved.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/coinbase-ciso-social-engineering-scams-top-threat-to-crypto-users/"> Coinbase CISO: Social engineering scams top threat to crypto users </a>

Gifto price tumbles 35% after team floods exchanges with 1.2b quietly minted tokens

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