Gifto Dumps Nearly $
10 Million
in GFT Tokens Ahead
of Binance• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Binance Delisting
Gifto faces backlash following its recent move to mint and dump GFT tokens
into the market. On November 26, Binance• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Binance announced that it would delist the
GFT/USDT trading pair on December 10, 2024.
The delisting, part of Binance• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Binance’s broader decision to remove eight altcoin spot
trading pairs, has already sent shockwaves through the market.
Gifto’s Controversial GFT Token Dump
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The immediate aftermath of the Binance• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Binance’s delisting announcement on Tuesday was
swift and severe. In what could only be ascribed to a sharp decline in
investor confidence, the GFT token’s price dropped by approximately 25% .
Expectedly, delistings from major exchanges like Binance• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Binance often trigger panic
selling as liquidity and accessibility to the asset decrease.
Adding fuel to the fire, on Thursday, Web3 data analysis tool Lookonchain
implicated Gifto in a significant token dump. According to the blockchain
analytics firm, the Gifto team minted 1.2 billion GFT tokens, valued at
roughly $8.6 million, within an eight-hour window. These tokens were then
deposited into exchanges, coinciding with an alarming 40% drop in GFT s
market price.
“On Nov 26, Binance• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Binance announced it would delist GFT on Dec 10, 2024. The Gifto
team minted 1.2 billion GFT ($8.6 million) 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%,” Lookonchain revealed .
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Gifto s GFT Transactions. Source: bscscan
The timing of this mint-and-dump operation has raised eyebrows. Many in the
crypto community perceive it as an opportunistic exit strategy, further
eroding trust in the token. One user on X (formerly Twitter) criticized
Gifto s actions.
“Getting delisted and dumping tokens on holders classic web2 move. This
is why we need decentralized projects that can t pull this type of exit
bs. Stick to real DeFi ,” the user noted .
Broader Implications of Binance• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Binance Delistings
Binance• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Binance’s decision to delist GFT and seven other altcoins reflects a growing
trend in the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта space. Exchanges continuously evaluate and remove
underperforming or problematic tokens. The assets set to be delisted alongside
Gifto include IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN).
Delistings often have profound consequences for affected tokens. Beyond
immediate price declines, they face reduced liquidity, diminished market
confidence, and barriers to entry for potential investors. In some cases, the
token s long-term viability comes into question as it loses the
visibility and trading volume that exchanges like Binance• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Binance provide.
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For Gifto, the combination of the delisting and the controversial token dump
has created a perfect storm. It leaves its community in disarray. Retail
investors, often the last to react, find themselves at a disadvantage as
prices plummet and large token holders offload their positions. GFT Price
Performance. Source: TradingView
The unfolding Gifto saga highlights critical vulnerabilities in the crypto
ecosystem. Centralized control over token minting and allocation can lead to
events like this. When trust is undermined, retail investors bear the brunt of
poor decision-making.
This episode also serves as a cautionary tale about the risks of holding
tokens overly dependent on centralized exchanges. With the rise of
decentralized finance ( DeFi ) and decentralized exchanges ( DEXs ), there is
growing momentum toward more transparent and resilient alternatives. For now,
GFT holders face an uncertain future, with December 10 looming as a critical
date.
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