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The price of Gifto (GFT) experienced a sharp decline of 35% on November 28, following allegations that the project’s team secretly minted 1.2 billion new GFT tokens, doubling the token’s total supply just one day after Binance announced plans to delist the asset.
The controversy began when blockchain investigator ZachXBT uncovered that Gifto’s team had quietly minted the additional tokens on the BNB Chain (formerly Binance Smart Chain), increasing the total circulating supply of GFT from approximately 1.1 billion to over 2.2 billion tokens. These newly minted tokens were then deposited across several major exchanges, including KuCoin, OKX, Gate.io, Binance, MEXC, HTX, and Bitget. The sudden increase in supply and the influx of tokens onto exchanges raised significant concerns about the project’s transparency and its potential impact on the market.
The timing of the token minting raised even more questions, as it occurred shortly after Binance announced on November 24 that it would be delisting Gifto (along with four other tokens) due to concerns about the project’s liquidity, development activity, and overall commitment. Binance’s delisting is set to take effect by December 10, further exacerbating the negative sentiment surrounding Gifto.
As of now, Gifto’s team has not made a public statement addressing these allegations or the sudden minting of tokens. The project’s most recent update on X (formerly Twitter) was posted on November 24, two days before Binance’s delisting announcement, leaving the community in the dark about the project’s future direction.
Founded in 2017 by Andy Tian, Gifto aimed to build a blockchain protocol for digital gifting and content monetization. In early 2023, the decentralized cross-chain IDO platform Poolz invested $2.5 million into Gifto tokens to support its roadmap update. However, the project has faced significant challenges, including the sudden death of founder Andy Tian in February 2023, which left leadership questions unresolved and added to the growing uncertainty surrounding the project’s future.
The sudden minting of 1.2 billion GFT tokens, coupled with the Binance delisting, has severely damaged Gifto’s credibility in the market, leading to a sharp drop in its price and increased concerns about the project’s stability and long-term viability.
