Allegations have emerged against the team behind Gifto, a blockchain protocol known for digital gifting and content monetization. It has been reported that the team secretly minted 1.2 billion tokens, effectively doubling the total token supply. This controversial move came just a day after Binance announced its plans to delist GFT, the native token of Gifto.
The price of Gifto (GFT) plummeted by 35% on Thursday, November 28, in response to these developments. The sudden increase in token supply raised concerns about the project’s transparency and integrity. Blockchain sleuth ZachXBT revealed through an X post that the additional tokens were minted on BNB Chain, formerly known as Binance Smart Chain, bringing the total supply to over 2.2 billion GFT tokens. These newly minted tokens were then deposited on various exchanges such as KuCoin, OKX, Gate.io, Binance, MEXC, HTX, and Bitget.
Despite these significant actions, Gifto has remained silent and has not issued a public statement regarding the allegations. The last update on the project’s official X account was on November 24, just two days before Binance’s announcement of GFT’s delisting. Binance cited concerns over development activity, liquidity, and project commitment as reasons for delisting GFT and four other tokens by December 10.
Founded in 2017 by Andy Tian, Gifto received a $2.5 million investment from the decentralized cross-chain IDO platform Poolz in January 2023 to support its updated roadmap. However, in a tragic turn of events, reports surfaced a month later about Tian’s sudden passing at the age of 47. The project’s official X account remained silent on the matter, leading to uncertainty about the project’s leadership and future direction.
The recent events surrounding Gifto have raised questions about the project’s transparency, governance, and long-term viability. Investors and community members are eagerly awaiting a response from the Gifto team to address the allegations and provide clarity on the future of the project. It remains to be seen how Gifto will navigate through this challenging period and regain the trust of its stakeholders.
