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

Allegations emerged against the Gifto team for secretly minting 1.2 billion tokens, and the supply doubled a day after Binance announced the delisting of GFT.

Concerns about Gifto’s transparency intensified this week when market dynamics suddenly changed following a controversial move by the project team. The price of Gifto (GFT) fell 35% on Thursday, November 28, following claims that the token supply had suddenly doubled, just one day after Binance announced plans to delist the asset.

It was announced that Binance will delist GFT on November 26, 2024.

A few hours ago, the Gifto team minted another 1.2 billion GFT on BSC, more than doubling the total supply.

GFT was then deposited into Kucoin, MEXC HTX, Bitget, Binance, OKX and Gate.

Binance… pic.twitter.com/buvG9l88Yc

— ZachXBT (@zachxbt) 28 November 2024

Blockchain sleuth ZachXBT revealed in his The newly minted tokens were then deposited into multiple exchanges, including KuCoin, OKX, Gate.io, and Binance, as well as MEXC, HTX, and Bitget.

As of press time, Gifto had not issued a public statement, with the last X post dated November 24, two days before Binance announced the delisting of GFT. In a press release, Binance said GFT and four other tokens will be delisted by December 10 due to concerns regarding 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, decentralized cross-chain IDO platform Poolz invested $2.5 million in Gifto tokens to support its updated roadmap. A month later, reports emerged 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 unanswered.