The crypto platform allows creators to monetize their content by using tradeable tokenized shares, known as "Keys,” to access their exclusive publications and private chats.On September 7, Friend.tech’s team revealed it had sent the admin and ownership of its smart contracts to Ethereum’s null address "to prevent any changes to their fees or functionality in the future.” Per the post, the change won’t affect the "separate web client operated at friend.tech which will continue as is.” Additionally, fees from the smart contracts or the platform are not going to the developer team’s multisig.
Related Reading: FET Teeters At Trendline: Will A Breakout Fuel A Run To $1.86? Friend.tech Loses Investors’ Trust Over the weekend, crypto platform Friend.tech announced its decision to resign control over its smart contracts to avoid future changes.Friends.tech is a Social Finance (SocialFi) platform launched in 2023 that combines the principles of social media and Decentralized Finance (DeFi).
The whale was at nearly $16 million in realized and unrealized losses after spending around $18 million worth of ETH to acquire FRIEND tokens.Machi bought 15.99 million FRIEND tokens between May 9 and August 13 at an average price of $1.125.
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