On November 26, Binance announced its decision to delist $GFT from its platform effective December 10, 2024. Just hours after this announcement, the Gifto team minted 1.2 billion $GFT tokens, valued at approximately $8.6 million. Breaking: $GFT Minting and Dumping Scandal 1/ On Nov 26, 2024, #Binance announced it would delist $GFT on Dec 10, 2024 as part of its periodic review.⁰Shortly after, the #Gifto team minted 1.2 billion $GFT ($8.6M) in the past 8 hours and deposited these tokens into major… pic.twitter.com/BvCF42yoNa — Calvin (@CalvinxNFT) November 28, 2024 This sudden minting more than doubled the total supply of $GFT and triggered significant concerns within the crypto community. 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 newly minted tokens were swiftly deposited into exchanges, which was followed by a catastrophic crash in $GFT’s price. The token, which once held promising value, has now plummeted over 99% from its all-time high. The sharp decline appears to have been driven by panic selling and potential dumping, as investors scrambled to offload their holdings in the face of uncertainty. This unexpected turn of events has left $GFT holders reeling, with many questioning the rationale behind the excessive minting and the team’s decision to flood the market amid an impending delisting. The lack of clarity has fueled speculation and unrest within the crypto community. As the situation unfolds, market participants are eagerly awaiting an official statement from the Gifto team to address the crisis. Furthermore, all eyes are on exchanges to implement measures that could help stabilize the market and restore trust among investors. The delisting of $GFT and the resulting chaos highlight the importance of transparency and responsible token management within the cryptocurrency space. For now, the future of $GFT remains uncertain, and its holders are left to navigate this challenging and volatile period. This story continues to develop as stakeholders seek explanations and possible resolutions. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
