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Crypto platform Friend.tech sees token dive 26% following admin transfer

Friend.tech transferred control of some of its smart contracts to a null address, which can never be reversed.

The native token of crypto social media platform Friend.tech has plummeted after its team transferred the admin and ownership of its smart contracts to Ethereum’s null address — permanently relinquishing any control over them.

The Sept. 8 transfer was made to “prevent any changes to their fees or functionality in the future,” Friend.tech said on X.

The platform’s Friend.tech (FRIEND) token dropped by nearly 26% to $0.067 in the 24 hours after the transfer, according to CoinGecko.

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Decentralized Social Media Platform Friend.tech Reverses Decision To Migrate From Coinbase-Backed Layer-2 Chain

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A social media-focused crypto project is reversing course on its decision to leave the blockchain of top US-based crypto exchange Coinbase. In a new announcement on the social media platform X, Friend.tech (FRIEND) says that based on community feedback, it no longer plans to leave Base to create its own blockchain. “We’ve heard your feedback: […]

The post Decentralized Social Media Platform Friend.tech Reverses Decision To Migrate From Coinbase-Backed Layer-2 Chain appeared first on The Daily Hodl.

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The post SocialFi Application Friend.tech Leaving Base Blockchain in Move To Develop Own Network appeared first on The Daily Hodl.

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