Friend.tech Faces Uncertainty As $FRIEND Token Drops 40% Amid Smart Contract Renouncement

Once a top SocialFi project backed by tier 1 venture capital firm Paradigm, Friend.tech $FRIEND is now facing serious challenges.

Today, the $FRIEND token experienced a significant drop of 40%, leaving investors increasingly concerned about the future of the project. The price decline comes on the heels of the development team’s decision to renounce control over its smart contracts, citing stagnant growth as the primary reason.

In this renouncement, the admin and ownership parameters were set to 0x000…000, effectively preventing any future modifications to the platform’s fees or functionality. However, the project’s web client at friend.tech will continue to operate without disruption. Importantly, none of the fees collected from the smart contracts or web client currently go to the Friend.tech dev team’s multisig wallet.

Machi Big Brother Takes Huge Loss On $FRIEND Price Decline 

One of the most notable investors, Machi Big Brother, suffered massive losses.

After investing $16.7 million into $FRIEND, the token’s recent plunge has slashed the value of his holdings to just $700,000, marking a $16 million loss.

The sudden changes and sharp price decline have caused widespread concern among investors about the project’s long-term viability. Although the web client remains operational, the team’s decision to relinquish control of the smart contracts signals a potentially uncertain future for Friend.tech and its investors.

With no clear recovery in sight for the $FRIEND token, many are left questioning the next steps for what was once a promising SocialFi platform. For now, the market will be watching closely to see whether Friend.tech can stabilize or if this marks the beginning of the end for the project.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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Source: https://nulltx.com/friend-tech-faces-uncertainty-as-friend-token-drops-40-amid-smart-contract-renouncement/