If more than one creature blocks Grasping Giant, its ability triggers once for each of those creatures.

Grasping Giant doesn’t become unblocked when the creatures blocking it are exiled. Unless it gains trample, it won’t deal combat damage.

Auras attached to the exiled creature will be put into their owners’ graveyards. Any Equipment will become unattached and remain on the battlefield. Any counters on the exiled creature will cease to exist. When the card returns to the battlefield, it will be a new object with no connection to the card that was exiled.

If Grasping Giant leaves the battlefield before its triggered ability resolves, the blocking creature won’t be exiled.

If a token is exiled this way, it will cease to exist and won’t return to the battlefield.