Incident Overview
On November 28, 2024, Gifto (GFT) unexpectedly minted an additional 1.2 billion tokens—worth roughly $8.6 million—shortly after Binance announced it would delist GFT on December 10.
The issue arose when the Gifto team, rather than focusing on regaining user confidence post-delist notice, opted to initiate large-scale minting of GFT tokens on-chain. Observers noted that the newly created tokens were quickly sent to major exchanges, including Binance, and then sold, crashing the token’s market value. Community members criticized this approach, arguing that Binance’s grace period before delisting was misused to dump tokens.
Some called for tighter oversight from exchanges—such as freezing project-wallet deposits or implementing an immediate halt on trading to protect users from similar “last-minute” liquidity exits.
Incident Report
Protocol Information
What the Attacker Needed to Succeed
Understanding the prerequisites for this type of attack helps auditors identify protocols that are most at risk and helps developers build better defenses.
What Auditors Should Check
If you're auditing a protocol with similar architecture to Gifto, these are the critical security checks that could have prevented this incident (November 2024).
- Verify all logic paths related to Rugpull are guarded by proper access controls and input validation
- Review privileged functions (owner, admin, governance) for potential abuse vectors - centralization risks should be documented and bounded with timelocks or multi-sigs
Master these auditing techniques with hands-on labs and real exploit scenarios in the Smart Contract Hacking course.
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The Gifto hack is one of many attacks that skilled auditors are trained to detect before deployment. Master real exploit patterns and defense techniques with hands-on Web3 security training.