Gitfo's Founders Mint Billions of GFT After Binance Delists Web3 Wallet's Token

Gitfo (GFT) founders minted billions of new tokens are being faced with a Binance delisting.

Nov 28, 2024, 7:47 a.m.

The founders of web3 wallet Gifto minted 1.2 billion GFT tokens after Binance announced that it was delisting the asset on Tuesday. The surge in supply spurred a 55% plunge in GFT over the past two days.

The newly-minted tokens were then sent to several exchanges leading to an increase in trading volume from $8.6 million on Tuesday to $66 million in the past 24-hours. Analysis by ZachXBT shows that the tokens were distributed to 19 wallets across seven exchanges.

Due to the rapid increase in supply, the project's market cap momentarily increased from $11 million to $20 million before tumbling back to $16 million as the price of GFT continued to fall, according to CoinMarketCap.

Gifto's social media channels have remained silent since the delisting and the team did not immediately respond to CoinDesk's request for comment.

Oliver Knight

Oliver Knight joined CoinDesk as a news reporter in April 2022. Before joining CoinDesk, Knight was the Chief Reporter at Coin Rivet for three years. Having graduated with a journalism degree from Birmingham City University, Knight went on to work at various sports publications before diving into the world of Bitcoin in 2014. He does not have any crypto holdings.