- GAIN token crashed over 90% after sudden minting
- 5B tokens were created and 147.5M dumped for profit
- Wallet bridged 2,955 BNB via deBridge post-sale
Massive Mint Triggers GAIN Token Crash on Binance Alpha
Griffin AI (GAIN), a recently launched token on Binance Alpha, faced a sudden price collapse of over 90% shortly after its debut. The crash occurred following suspicious on-chain activity involving a massive token mint and dump operation that shook investor confidence.
5 Billion GAIN Minted from Null Address
According to blockchain data, at 7:04 AM (UTC+8), an address identified as 0xF3…8Db2 minted 5 billion GAIN tokens directly from a null address (0x00…0000) — a move that instantly increased the token’s total supply to 5.2985 billion.
Such minting from a null address is a red flag, especially when it occurs without prior announcements or transparency. It raises concerns about the smart contract’s security or possible insider manipulation.
147.5 Million GAIN Dumped for 2,955 BNB Profit
Shortly after minting, the same wallet dumped 147.5 million GAIN tokens on PancakeSwap, generating at least 2,955 BNB in profit — worth hundreds of thousands of dollars at current prices. The profit was then bridged via deBridge, moving funds potentially off-chain or to another blockchain to avoid detection.
This event has all the signs of a rug pull or exploit, especially as the minting mechanism appears to bypass normal tokenomics.
Investors Left Reeling
Many retail investors who bought into the hype following the Binance Alpha listing were caught off guard. The GAIN token’s rapid plunge serves as a stark reminder of the risks of early-stage token launches, especially when smart contracts aren’t audited or transparency is lacking.
Calls for investigation and delisting are already spreading across crypto communities, with users demanding answers from Griffin AI’s developers and Binance Alpha’s listing team.
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