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YOU WON’T BELIEVE the Genius Move That Just Wiped Out $1.3 Billion of Crypto Value… And It’s Not Even a Hack!

News 1 Linda Williams September 9, 2024

A comic illustration of a sinking ship with its anchor broken loose, surrounded by ripples in the water as tokens (represented as coins) disappear into an abyss below marked 'null address'. In the background, a faint outline of Ethereum's logo can be seen.

The friend.tech fiasco: because who needs control over your own smart contracts? In a move that can only be described as ‘genius’ (read: not), the team behind crypto social media platform friend.tech decided to transfer admin and ownership of its smart contracts to Ethereum’s null address, effectively rendering them useless. Because what could possibly go wrong with giving up control over something you’ve spent years building? The token, FRIEND, took a 26% hit in value after this brilliant move, because who needs investors when you can just give away your product for free?.

Source: cointelegraph

Friend.tech token drops 26% after team shirks control of smart contracts
https://cointelegraph.com/news/friend-tech-token-plummets-smart-contract-control-null-address
The token for 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 transfer, made on Sept. 8, was made to “prevent any changes to their fees or functionality in the future” friend.tech said on X the same day. The platform’s token, FRIEND, dropped by nearly 26% in the […]

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About the author

Linda Williams

Linda’s venture into cryptocurrency ended in a gut-wrenching disaster when she lost her private keys due to a ridiculous mishap involving coffee and a particularly reckless cat. With her funds locked away forever, Linda now pours her frustration into writing biting critiques of crypto’s absurdities, dripping with sarcasm. Her tagline? “I lost my private keys and my sanity. Crypto promised freedom, but all it gave me was a lifetime of regret.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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