Source: Elja
Recently, Friend.tech has gained much traction in the crypto world, with over 64,000 users signing up and a trading volume reaching over 24,000 ETH.
Friend.tech, a platform that allows personalities from X (formerly Twitter) to issue shares on its app for access to a closed group chat, has generated over $1.04 million in fees, which are set at 5% of the value of each transaction, in the past 24 hours alone.
According to data from DefiLlama, this has earned the platform approximately $709,739 worth of ether in revenue (after paying out gas fees and other costs).
However, According to Blockchain Influencer, EljaBoom, there are concerns about the platform’s founders and security flaws.
64000+ users signed up on https://t.co/CQVpp4X59n
The trading volume has reached to 24,000+ $ETH!
In the past 24 hours, it has generated more fees than #Bitcoin and Uniswap.
But there is a dark side of Friendtech that no one is talking about.
Let’s deep dive to know about… pic.twitter.com/Pdf6nDgU4h
— Elja (@Eljaboom) August 21, 2023
The team behind Friend.tech is the same team behind KosettoIsKawaii, a platform that sold wearable NFT stickers and had users spam referral codes in 2022. Since then, there have been no updates from them.
Additionally, be aware that the app can post and retweet on your behalf, giving a third party power to post or retweet content that may have bad intentions and harm your community. One security flaw could cause everything to be lost.
As per CoinDesk, NBA player Grayson Allen experienced a surge in share prices within hours of joining the Friend.tech.
Sniped a code off twitter today and joined @friendtech. Like the concept and looking forward to what the team can build with this
— Grayson Allen (@GraysonJAllen) August 21, 2023
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