Gifto Dismisses Allegations of Minting 1.2 Billion Tokens by ZachXBT
On November 27, the developers of the cryptocurrency Gifto (GFT) minted an additional 1.2 billion tokens on the BNB Chain, more than doubling the total supply. This was highlighted by on-chain detective ZachXBT.
It was announced that Binance would delist GFT on Nov 26, 2024.
A few hours ago the Gifto team minted another 1.2B GFT on BSC which more than doubled the total supply.
GFT was then deposited to Kucoin, MEXC HTX, Bitget, Binance, OKX, & Gate.
Binance… pic.twitter.com/buvG9l88Yc
— ZachXBT (@zachxbt) November 28, 2024
The newly minted GFT was sent to exchanges KuСoin, MEXC, HTX, Bitget, Binance, OKX, and Gate.io. As a result, the coin’s price fell by approximately 40%, analysts at Lookonchain noted.
On Nov 26, #Binance announced it would delist $GFT on Dec 10, 2024.
The #Gifto team minted 1.2B $GFT($8.6M) in the past 8 hours and deposited it into exchanges.#Gifto may have dumped these tokens onto the market, and the price of $GFT has dropped by ~40%.… pic.twitter.com/ZFfbi8Llc8
— Lookonchain (@lookonchain) November 28, 2024
The Gifto team claims that they are not responsible for the minting of new tokens, attributing it to unknown hackers who breached the project’s wallet.
We are investigating and we do understand the gravity of this situation, and assure you that we are taking the necessary measures.
We enquire all exchanges where GFT is listed to stop trading of the token.
We are working to resolve the issue.— Gifto (@GiftoMetaverse) November 28, 2024
“We understand the seriousness of this situation and assure you that we are taking the necessary measures. We ask all exchanges where GFT is listed to halt trading of the token,” they wrote on X on November 28.
ZachXBT expressed doubt about the truthfulness of this statement, noting that the developers reported the “incident” two days later, which he found “extremely suspicious.”
Update: Gifto Team made this post a few minutes ago. The timing is extremely suspicious of this so called “incident” https://t.co/em49kZ8U05 pic.twitter.com/zWwX4q94QN
— ZachXBT (@zachxbt) November 28, 2024
This all unfolded amid news of Binance’s plans to delist Gifto on December 10. The exchange will also remove trading pairs with IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN).
Starting December 3, the platform will exclude the listed assets from all its products. Deposits in these will cease to be credited from December 11.
Withdrawals will be available until February 12, 2025.
Back in August, Binance announced the delisting of Monero, Multichain, Bitcoin Gold, and several other cryptocurrencies. User balances that were not withdrawn were converted to USDC, credited by March 1, 2025.
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