Gifto (GFT) has sparked controversy after allegations surfaced that its team secretly minted 1.2 billion new tokens, doubling the token supply one day after Binance announced plans to delist it. The price of Gifto plummeted 35% on November 28, raising concerns about the project’s transparency and market practices.
Minting Allegations and Delisting
Blockchain investigator ZachXBT claims that Gifto minted 1.2 billion additional GFT tokens on the BNB Chain, bringing the total supply to over 2.2 billion. The team deposited these tokens across several major exchanges, including KuCoin, OKX, Gate.io, Binance, MEXC, HTX, and Bitget.
This move came right after Binance announced it would delist Gifto (GFT) over concerns about its development, liquidity, and overall commitment. Binance’s regular review process led to the removal of GFT and four other tokens, effective December 10. The timing of these events raised questions about the project’s integrity and GFT’s price stability.
Gifto has not yet commented on the allegations. The project’s latest post, dated November 24, came two days before Binance’s delisting announcement. Its silence has added to concerns about its leadership and lack of updates.
Background on Gifto
Gifto, founded in 2017 by Andy Tian, is a blockchain-based platform for digital gifting and content monetization. It enables content creators to engage with their audiences through digital gifts and virtual goods. Despite an ambitious roadmap, the project has struggled with leadership uncertainty.
In January 2023, Gifto received a $2.5 million investment from the decentralized cross-chain IDO platform Poolz to support its revised plans. However, in February 2023, reports confirmed the sudden death of Andy Tian at 47. Since then, the project has provided little information about its leadership or future, raising doubts about its recovery.
Market Impact and Community Reaction
The sudden drop in GFT’s price, combined with the minting allegations, has caused backlash from investors and the broader crypto community. Many suspect that the minting may have been a deliberate attempt to inflate token supply and manipulate the market following Binance’s delisting.
For now, Gifto’s future remains unclear. The project’s silence, along with the controversy over its token supply, has left many investors and community members anxious.
As the situation unfolds, it remains to be seen whether Gifto will address these concerns or if regulators will step in.
I am Toby Rothschild, Co-Founder of Spearmint and author at Coinography, and a strategist focused on advancing Web3 innovation, digital ecosystems, and the future of decentralized technology. I combine product thinking, creative leadership, and deep interest in emerging trends to help shape how individuals and organizations interact with the next generation of digital systems.
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