Gitfo (GFT) with 1.2 billion tokens, causing "crazy" price fluctuations after Binance announced delisting

After Binance announced it would delist the Gifto (GFT) token, the price of GFT saw significant volatility. The Gifto team explained that the issuance of an additional 1.2 billion GFT tokens was due to a system attack. However, this decision has raised many questions and needs further investigation according to on-chain detective ZachXBT. Gifto, launched in 2017 on Binance Launchpad, is a blockchain-based virtual gift platform. In January 2023, the project replaced the GTO token with GFT, and GFT was listed on Binance just three days after founder Andy Tian passed away on February 6, 2023.

When Binance announced the delisting, this typically leads to a major change in the value of tokens like GFT, causing a "crazy" reaction in the market. Investors and users should closely monitor related information to make informed decisions.