Friend.Tech Shuts Down: FRIEND Token Plummets 24%
CryptoNewsTerminal Staff08 Sep, 2024
Friend.Tech Shuts Down: FRIEND Token Plummets 24%
The team behind the Web3 social media startup Friend.Tech has seemingly abandoned its project, sending the project's FRIEND token down 24% in 24 hours. According to Cointelegraph, the team transferred ownership and smart contract management permissions to an Ethereum null address, effectively suspending operations for Friend.Tech just three months after it announced plans to build its own blockchain, the Friendchain. Once tokens are sent to a null address, they can never be recovered, and Friend.Tech's services have been down since the move. This news comes as a surprise to many, as Friend.Tech had recently announced a partnership with the Polygon blockchain and raised $10 million in funding. However, it appears that the project has now been abandoned, leaving investors and users alike wondering what went wrong.
