#BSCOnTheRise Gifto's development team was accused of secretly issuing 1.2 million GFTs, doubling their number the day after Binance announced the token's delisting.

Such a controversial move by the Gifto team caused the token to drop by 35%.

GFT token rate

One of the first to report on the situation was blockchain stalker ZachXBT. He wrote, the Gifto team quietly issued 1.2 million new GFT tokens on BNB Chain, increasing the total number of tokens 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 will delist GFT from its lists on November 26, 2024. A few hours ago, the Gifto team issued another 1.2 billion GFT on BSC, more than doubling the total supply. GFT was then credited on Kucoin, MEXC HTX, Bitget, Binance, OKX and Gate,” ZachXBT wrote.

The developers of Gifto have not yet released any official statement on the situation.

Gifto, a blockchain protocol focused on digital gifts and content monetization, was founded in 2017 by Andy Tian. In January 2023, decentralized crosschain platform IDO 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 account remained silent on the matter, so questions about the project's leadership and future remain unresolved.