Impending Rugpull? Gifto Team Mints 1.2B Tokens Amidst Binance Delisting
Gifto Team move suspiciously as its minted 1.2B GFT token shortly after announcement to be delisted
On November 26, 2024, the Gifto Team minted an additional 1.2 billion GFT tokens on the Binance Smart Chain (BSC) shortly after Binance officially announced it would delist the GFT cryptocurrency.
Notably, the abrupt minting of the token has resulted in the total supply of GFT more than doubling, raising concerns among investors regarding the potential impact on the token’s value and an impending rugpull.
Gifto Team Suspicious Move Raise Eyebrows
While legitimate reasons for minting new tokens exist, such as funding development or expanding ecosystem initiatives, the timing and magnitude of this minting event, in conjunction with the delisting, cast significant doubt on the Gifto team’s intentions.
However, the lack of transparency surrounding the decision to mint such a large number of tokens further exacerbates these concerns. A thorough explanation from the Gifto team is necessary to alleviate investor apprehension.
After this supply increase, users deposited the new GFT tokens on various exchanges: Kucoin, MEXC, HTX, Bitget, Binance, OKX, and Gate.io. The decision to distribute the influx of GFT tokens widely may indicate a strategic move by the Gifto team to maintain liquidity or attract further trading interest.
For transaction tracking purposes, the specific Binance wallet address associated with this activity is 0x98002aFd16071A0dBF8d7608a856DDC405aE7095. This address may serve as a reference point for users looking to monitor the flow of GFT tokens or analyze trading patterns leading up to the delisting announcement.
ZachXBT asserted that the events surrounding the GFT delisting and token minting warrant further investigation. Investors are urged to exercise caution and conduct thorough due diligence before engaging in any transactions involving GFT.
Allegedly Rugpulled as CHI Plummet by 98% in 24-hour
In October 2024, Scroll stablecoin CHI plummeted over 92% in the past 24 hours, leaving investors reeling. The alleged rugpull of Essence Finance, a stablecoin project, rocked the Scroll ecosystem. Estimates suggest that someone withdrew over $20 million in collateral.
The price of CHI crashed rapidly from its previous stablecoin peg to $0.077. This dramatic drop, culminating in a current price of $0.01363, represents a staggering 98.64% loss for investors.
Essence Finance’s lack of communication further fuels concerns. Their last tweet, posted September 11th, offered no indication of the impending collapse. This silence and the sudden price drop led many to suspect a malicious exit strategy.
Essence Finance’s audit report originated from the FEI Protocol V2, adding to the unsettling situation. External auditors are reviewing the project, and concerns about the assessment’s validity and thoroughness exist.
The crypto space responded with disbelief and outrage. An X user expressed concern for those affected by the alleged rugpull, stating,
“I feel bad for the users getting rugged by sloppy audit and greedy devs. People should get their funds off the @Scroll_ZKP sinking ship quickly.”
