Friend Tech Team Cashes Out $52.4 Million Worth of ETH in Six Months
CryptoNewsTerminal Staff11 Sep, 2024
Friend Tech Team Cashes Out $52.4 Million Worth of ETH in Six Months
Friend Tech, a software development company based in Vietnam, has sold off about $52.4 million worth of ETH in the six months leading up to June 2023. The news first broke through an analysis by blockchain analytics firm Lookonchain, which was subsequently cited by crypto media outlet CoinTelegraph. According to Lookonchain, Friend Tech’s ETH cashout began in January 2023. The company sold off its ETH in several tranches, with each tranche consisting of several thousand ETH. In the meantime, Friend Tech has neither confirmed nor denied the allegations. However, the company's recent actions have raised suspicions that it may be preparing to exit the crypto space. In the past several months, Friend Tech has laid off several of its employees and has shut down its crypto mining operations. If Friend Tech is indeed planning to exit the crypto space, it would be a significant development. The company has been a major player in the blockchain industry for several years and has developed several popular software products. As nothing has been confirmed by Friend Tech, it is best to not speculate or spread misinformation around.
