The Gifto development team has been accused of secretly minting 1.2 million GFT tokens, doubling their supply the day after Binance announced it was delisting the token.
This controversial move by the Gifto team caused the token to drop by 35%.
One of the first to report the situation was blockchain investigator ZachXBT. He wrote that the Gifto team had quietly minted 1.2 million new GFT tokens on the BNB Chain, increasing the total token supply to over 2.2 billion. The new tokens were subsequently listed on several exchanges, including KuCoin, OKX, Gate.io, Binance, MEXC, HTX, and Bitget.
It was announced that Binance would 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 credited to Kucoin, MEXC HTX, Bitget, Binance, OKX, and Gate, ZachXBT wrote.
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, decentralized cross-chain platform IDO Poolz invested $2.5 million in Gifto tokens,
