Gifto team dumps GFT tokens on Binance, Kraken

Binance has decided to delist Gifto’s GFT token along with bunch of other coins. Their team came up with a brilliant idea – they minted 1.2 billion GFT tokens on Binance Smart Chain, effectively doubling its total supply in matter of seconds. 

The team then deposited to Binance, Kucoin, along with bunch of other cryptocurrency exchanges. This was uncovered by ZachXBT which brought attention to Gifto team that was obviously aware of what was going on. 

They tweeted to alert users on twitter of a critical security incident that involves GFT contract. They said the contract had been compromised and more GFT tokens were issued. 

The team also said that they are in touch with the crypto exchanges in question to stop the trading but that did not happen. Instead we saw Gifto pump nearly 100-percent on binance. 

If you wonder why would Gifto team mint so many tokens out of thin air – the reason is they are simply attempting to cash out from a dead project. 

The main key is definitely in hands on someone else. The Gifto founder passed away last year in February, 2023 – 3 days before being listed on Binance due to a sudden illness.