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.
