At SunCrypto, user protection is our top priority. In light of recent events surrounding the Gifto (GFT) token, we have made the decision to suspend trading services for GFT Token from our platform immediately. This step has been taken to safeguard our users from potential losses due to alarming developments with the GFT project.
What Happened?
The controversy began when a global crypto exchange announced the delisting of the GFT token. Following this, the Gifto team minted an additional 1.2 billion GFT tokens on the Binance Smart Chain (BSC), effectively doubling the total token supply. These newly minted tokens were deposited into multiple exchanges, causing chaos in the market.
This sudden increase in supply led to a sharp price drop of approximately 85%, resulting in significant losses for investors. The lack of transparent communication from the Gifto team has raised concerns about their adherence to market rules and transparency standards. Some analysts believe this could be an attempt at market manipulation, possibly a “rug pull” scenario where the project extracts value before abandoning it.
What Does This Mean for SunCrypto Users?
▪️GFT is No Longer Available for Trading: The trading services for GFT tokens have been suspended from the SunCrypto platform. Users can no longer buy and sell GFT through our app.
▪️Withdrawals Update: Withdrawals for GFT tokens are not yet enabled. We will notify users as soon as withdrawals are available.
Why This Step?
SunCrypto strives to create a safe trading environment for its users. The decision to suspend trading services for GFT reflects our commitment to protecting users from potential risks posed by questionable actions from the Gifto team.
We advise users to stay updated with our announcements and encourage them to make informed investment decisions. For further queries, feel free to reach out to our support team at [email protected].
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision.