Binance Delists GFT: Gifto Executes RugPull – ZachXBT SEO Update
After the recent delisting of GFT tokens by Binance, there have been allegations of a rug pull scam by the Gifto team. According to crypto detective ZachXBT, the Gifto team minted an additional 1.2 billion GFT on the Binance Smart Chain (BSC) shortly after the delisting announcement, effectively doubling the total supply. These newly minted tokens were then distributed to various exchanges, including KuCoin, MEXC, HTX, Bitget, Binance, OKX, and Gate.io.
The timing of this token minting has raised concerns about potential violations of exchange rules and transparency standards. Doubling the token supply could lead to market destabilization, resulting in price crashes or manipulation. This move, combined with the lack of clear communication with users, has sparked suspicions of a classic rug pull technique, where project members extract value before abandoning the project.
The crypto community, following ZachXBT’s tweet, has expressed disappointment and skepticism about the project’s legitimacy. Initially seen as an innovative way to use blockchain technology for remittance through gift cards, the project’s alleged misconduct has left many users disillusioned. Comments from users highlight the project’s declining reputation and management uncertainties.
Investors are advised to remain cautious and vigilant in light of these developments. Delistings, sudden token minting, and lack of transparency are known red flags signaling potential risks in the crypto space. It remains essential for investors to conduct thorough research and due diligence before engaging with any project or token.
