Shortly after Binance announced that it would remove GFT tokens from its platform, crypto detective ZachXBT alleged that the Gifto team attempted a rug pull scam by creating an additional $1.2 billion worth of GFT. Furthermore, crypto exchange OKX also announced the delisting of GFT margin trading pairs and perpetual futures.
ZachXBT claimed that these actions violate exchange rules, transparency standards, and regulatory norms, suggesting potential market manipulation. The sudden token minting raises concerns among the crypto community, as it can lead to market instability and potential price crashes. The lack of transparent communication with users has also fueled doubts about the project’s integrity.
As the Gifto project initially presented itself as innovative and legitimate, many crypto users were disappointed by the recent developments. The project revolves around using blockchain technology for gift card remittance, but it’s now unclear who is in control of the project, especially since the founder passed away last year.
Investors are advised to exercise caution, as delisting, sudden token minting, and a lack of transparency are often indicative of significant risks. It’s essential to remain vigilant in the face of these developments.
Source
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