{"id":137118,"date":"2024-09-12T10:00:31","date_gmt":"2024-09-12T07:00:31","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=137118"},"modified":"2024-09-11T19:19:16","modified_gmt":"2024-09-11T16:19:16","slug":"crypto-platform-faces-rug-pull-claims-after-smart-contract-control-is-lost","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/crypto-platform-faces-rug-pull-claims-after-smart-contract-control-is-lost\/","title":{"rendered":"Crypto Platform Faces Rug Pull Claims After Smart Contract Control Is Lost"},"content":{"rendered":"<p>The controversy erupted after the platform\u2019s team relinquished control of the project\u2019s smart contracts on September 8, setting the admin parameters to <strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/ethereum\/\">Ethereum\u2019s<\/a><\/strong> null address to prevent future alterations to fees or functions. This move led to a 26% drop in the value of the Friend.tech (FRIEND) token within 24 hours.<\/p>\n<p>Crypto analyst Waleswoosh criticized Friend.tech on X, <strong><a href=\"https:\/\/x.com\/waleswoosh\/status\/1833460448244400187\" rel=\"nofollow\">accusing<\/a><\/strong> it of being a \u201cPonzi scheme\u201d that shifted from a social finance app to complex trading.<\/p>\n<p>The analyst claimed that during its peak, the platform\u2019s creators made grand promises to key holders, and the team collected over $60 million in fees.<\/p>\n<p><div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1\">Read More:<\/h5>\n    <a class=\"article row post-137085\" href=\"https:\/\/cryptodnes.bg\/en\/toncoin-announces-major-airdrops-for-september-and-october\/\" title=\"Toncoin Announces Major Airdrops for September and October\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/10\/QXB44B7P7NCV7IEXSWI2BV2J2A-1-240x170.webp\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Toncoin Announces Major Airdrops for September and October<\/h4>\n        <\/div>\n    <\/a>\n<\/div>\n<\/p>\n<p>According to Lookonchain, the team sold 19,477 ETH, approximately $52 million, between December 2023 and June 2024, and the token\u2019s value has plummeted by 95% since launch.<\/p>\n<p>Despite these issues, Friend.tech\u2019s team announced on September 10 that they will continue operating the app and clarified that their recent changes only prevent future fee adjustments on the Base layer-2 platform, not affecting the app\u2019s current functionality.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Friend.tech, a Web3 social media platform, is under scrutiny following allegations of a rug pull.<\/p>\n","protected":false},"author":3,"featured_media":42015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[22],"tags":[424,271],"coin_category":[],"class_list":["post-137118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-crypto","tag-ethereum"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Crypto Platform Faces Rug Pull Claims After Smart Contract Control Is Lost<\/title>\n<meta name=\"description\" content=\"Friend.tech, a Web3 social media platform, is under scrutiny following allegations of a rug pull.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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