Friend.Tech Shutdown After Relinquishing Smart Contracts Control

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Reasons for Shutdown
  2. Financial Aspects
  3. History and Achievements


    4. The social network Friend.Tech, once captivating the cryptocurrency community, has come to an end after its development team decided to relinquish control over its smart contracts.

    Reasons for Shutdown

    Relinquishing control over the smart contracts has left the platform in limbo with little chance of revival. The cancellation of contractual ownership prevents any new team from taking over and adding new features. This decision followed a period of stagnant growth for the platform.

    Financial Aspects

    Since its launch, the Friend.Tech team raised $52.4 million through the protocol and transferred a total of 19,477 ETH to Coinbase. Meanwhile, Jeffrey Huang, one of the leading figures in the crypto world, reportedly lost at least $15 million by purchasing the platform’s native altcoin FRIEND. Huang spent 4,975 ETH (approximately $15.6 million) to purchase 8.6 million FRIENDs at an average price of $1.81 between May 3 and June 8, and continued to purchase until his FRIEND holdings reached 11 million.

    History and Achievements

    Friend.Tech launched on the Coinbase-backed Layer 2 network Base in August 2023 and quickly became a sensation. By September 15, 2023, the platform’s daily earnings had surpassed Ethereum’s, and the top key, which provided access to the stream of Friend.Tech’s pseudonymous co-founder Racer, was sold for 8.9 ETH, or about $14,500. The protocol also received investment from crypto venture capital firm Paradigm, but the amount raised in the seed round was not disclosed.

    The shutdown of Friend.Tech marks a significant event in the cryptocurrency world, emphasizing the risks and unpredictability of this market.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

SpaceX's Historic IPO and Billionaire Backing

chest

SpaceX's IPO in June saw its stock price initially soar but has since faced volatility, with significant investments from billionaires.

user avatarTomas Novak

Strategy Halts Bitcoin Transactions for the Week

chest

Strategy did not engage in any Bitcoin purchases or sales last week, maintaining its holdings at 840,447 BTC.

user avatarKaterina Papadopoulou

Fake Downloads of The Odyssey Spread Lumma Stealer Malware

chest

Security firm Bitdefender warns that pirated copies of The Odyssey are circulating with malware designed to steal cryptocurrency wallets.

user avatarMaya Lundqvist

Shiba Inu SHIB Gains Momentum with New Listings and Adoption

chest

Shiba Inu SHIB has been listed on the Australian exchange FameEX and is now usable at Dubai Duty Free airport stores, marking significant adoption milestones.

user avatarLeo van der Veen

Rise in Wrench Attacks Targeting Cryptocurrency Holders

chest

The report highlights a surge in wrench attacks, particularly in France, where criminals are targeting cryptocurrency holders.

user avatarAisha Farooq

Massive Data Breach Exposes French Tax Records

chest

A hacker is selling a large database of French tax records that could affect over 678,000 individuals and businesses, raising concerns about phishing and identity theft.

user avatarLi Weicheng

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.