This is correct, albeit somewhat misleading - at face value, it appears this is essentially a hidden 2.5% premine. As more details become available, you will learn the actual percentage breakdowns as well as information on the foundation - unlike most altcoin "foundations" the Grift Foundation isn't just another dev wallet - it will serve an actual purpose, we will elect a board of senior forum/community members to publicly manage it, and all coins will be stored in escrow.

As was stated in my previous response to another individual, please reserve judgment until all details are released. This is an extremely basic [PRE-ANN] and the primary purpose is to provide the general timeline and outline so that interested parties can mark key dates on their calendar and/or bookmark this thread for continued updates.