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International Business Times
International Business Times
Business
Marvie Basilan

BIZARRE: Friend tech issues highlight challenges in socialfi platforms sustainability expert | Mind Blowing Facts

Crypto blockchain Lookonchain
The team behind friend.tech has been accused of pulling off a "soft rug" pull. (Credit: Friend.tech Website/Screenshot)

KEY POINTS

  • The team recently made a move to render the SocialFi platform immutable
  • Users believe it was just a 'soft rug', especially after Lookonchain confirmed the team had been selling ETH
  • When a project pops out, it's important to look at whether the team is 'aiming for lasting impact, or just quick gains': Soulbound's Casey Grooms

Social finance (SocialFi) platform friend.tech has been plagued with shutdown rumors in recent weeks after the team behind the project announced it was transferring the protocol code's admin and ownership rights to a null address.

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