Friend.tech in an X statement said the move was done “preventing any changes to their fees or functionality in the future.” The platform guarantees a permanent burn address by handing the admin and ownership of the smart contracts to Ethereum’s null address; anything transmitted to this address is forever deleted. Not another change is possible.

Blockchain method of reputation building Reflecting views from a confused culture, Serpin Taxt, an ethos builder for friend.tech, said on X that this signifies “the end of an era” for friend.tech and is “not at least how I saw it playing out”.

Following a previous revelation that Friendchain, since removed, will create its own blockchain, Friendchain, which has many users particularly worried specifically about the future of Friend.tech particularly.

Early this year, problems during the FRIEND airdrop in May caused team and user disagreements, therefore influencing mood.

The debut generated great excitement, and the FRIEND token had a market valuation of $233.6 million four days after distribution. At the time of writing this, its market value dropped to $6.3 million nevertheless. Moreover, the data of DefiLlama shows that the total value locked, or TVL, has drastically dropped from $52 million at the end of October, 2023 to $3,5 million in mid-April, 2023.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Friend.tech Token Plummets After Team Transfers Control to Ethereum Null Address appeared first on Coin Engineer.

The 2nd launch of Friend.Tech introduces new features including the Money Club, which aims to encourage financial discussions and networking. Despite promising updates, the token’s value has experienced extreme fluctuations, reflecting market returns and liquidity challenges.

The platform’s outlook for a 100% token airdrop created expectations among users. However, some airdrops have encountered difficulties and many have expressed disappointment in the process. Additionally, concerns about the airdrop’s issues have also been raised; Reports indicate that prominent creators were paid a disproportionately large amount against their retail sales.

DYOR founder Hitesh Malviya attributed the token’s price drop to liquidity issues similar to what happened with Renzo’s token last week. It was highlighted that leading creators had largely acquired the supply, concentrating significantly less money than expected at retail.

Despite the difficulties and conflicts surrounding the launch of the token, Friend.Tech did not make a statement about these issues at the time of its release.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post FRIEND Suffers Decline Following Its Release appeared first on Coin Engineer.

Launched just days ago, FRIEND initially soared to a high of $169 on decentralized exchanges before plummeting to $3.26.

Airdrop Recipient Triggers Sell-Off

A key factor in the token’s decline is believed to be the actions of the largest airdrop recipient, who cashed out their holdings within hours of receiving them. This triggered a wave of investor panic, leading to a further drop in FRIEND’s price to $1.32.

Community Concerns Mount

Crypto enthusiasts have taken to social media to criticize Friend.tech’s team for failing to provide adequate liquidity for the project. The lack of liquidity, they argue, has made it easy for large holders to manipulate the price, leading to the current downward spiral.

The post Airdropped Crypto Crashes: Friend.tech’s FRIEND Token Takes a Nosedive appeared first on Coin Engineer.

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Innovative Structure of the Platform: Interaction Between Users

Friend.tech, introduced in August 2023, enables interaction between users as a decentralized social network. Users can interact with each other using tokens called “keys” on the platform.

Direction of Transaction Revenues: Security and Efficiency

The transfer of transaction revenue last month, sending 7,800 Ethereum (approximately $16.6 million) to Coinbase, is considered a strategic move in terms of platform security and operational efficiency. This step aims to provide long-term security and manage tax obligations more effectively.

Change in Asset Distribution: Transformation of Numbers (Friend.tech)

After the transfer, the total amount of assets held on the platform decreased from around 30,000 Ethereum to approximately 15,000 Ethereum. This situation stands out as an indicator that needs to be followed in terms of the change in the platform’s asset distribution and future strategies.

Community-Focused Approach: User Participation

Friend.tech adopts a community-focused approach by encouraging users to interact on the platform. User feedback and participation play a critical role in the development and progress of the platform. The Friend.tech team continuously focuses on the development of the platform, taking into account the needs and expectations of the community.

Vision for the Future: Strategic Goals

Among Friend.tech’s future goals are expanding the platform’s user base, increasing security, and improving the user experience. Strategic steps to be taken in line with these goals could further strengthen the project’s position in the crypto world. In addition, technological innovations and community feedback are fundamental elements that support the platform’s vision.

Conclusion

Friend.tech ’s transfer of transaction revenues to Coinbase can be considered part of the platform’s strategic transformation. This step reflects the project’s efforts to improve its security and operational structure and lays a foundation for future goals. The user-focused approach, technological innovations, and community participation will enable Friend.tech to grow and develop sustainably. The platform’s future strategies and the expansion of its user base could further increase the project’s impact in the crypto world.

The post Friend.tech Transfers Transaction Revenues to Coinbase appeared first on Coin Engineer.

We previously explained the use of the Post.tech application on the Arbitrum network. You can get detailed information by reaching the related post from the link left in the tab below.

You might like: What is Post.tech? SocialFi on the Arbitrum Network

A new SocialFi application has now been built on the Arbitrum network again. Its use is no different from other applications. The main coin in this application, which works with the same mechanism, will be Ether (ETH). Firstly, you need to visit the cipher.fan address to log in. Then, you need to press the “Enter” button to continue.

Afterwards, you can enter your email address or your own Google account and confirm to access the platform. We need money to buy and sell shares. To do this, you need to click on the balance amount indicated in the upper right corner of the screen. You can then copy the wallet address given to you by the application and send some ETH on the Arbitrum network from your Metamask or other Browser wallets.

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How Is Purchase and Profit Taking Done in Cipher.fan

The first thing to do is to find the users who have recently bought their shares globally. Potentially nice increases will happen in their shares. Then you can buy the shareholders of the shares with the highest price globally. The reason for this is that these shareholders will not sell their shares. Even if they sell, this is a very low possibility. What is important here is not to buy the newly purchased ones as well.

The recommended amount will be 0.01 ETH. The main goal here is not to buy the newly acquired shares, but to buy the sold ones instead.

Attention, this is just a research article. Remember, such applications that have been opened so far are launched with security issues and some errors in their smart contracts. Therefore, the main goal and first targets of hackers are here. You only enter here with 0.1% of your balance for trial purposes. The main purpose of this is to qualify for the Airdrop that the platform will do.

In the comment section, you can freely share your comments about the topic. Additionally, don’t forget to follow us on Telegram, YouTube, and Twitter for the latest news and updates.

The post Cipher.fan (A New SocialFi Application!) appeared first on Coin Engineer.

Ava Labs CEO Emin Gün Sirer tweeted the attackers spent much more money compared to the revenue they obtained from this attack. In his tweet, Sirer pointed out that the attackers spent $0.25 for each $0.04 gain.

However, these attacks repeated again. Because of this, the ongoing attack led to much bigger damage. So, this attack caused that Stars Arena Lost $2.9 Million.

Our initial analysis on today’s @starsarenacom $2.9M hack indicates a reentrancy issue on the Stars Arena: Shares contract at https://t.co/Hg6C8MCPan

The reentrancy is abused to update the weight when the share/ticket is issued so that 1 share can be sold at a much higher price… https://t.co/17CxO3uLbe pic.twitter.com/fouVjevYTs

— PeckShield Inc. (@peckshield) October 7, 2023

The analyses made on this last Stars Arena attack reveal how the hackers carried out and stole millions. According to the PeckShield Inc.’ s report, a Blockchain security and data analysis company, the hackers carried out the attack  through a reentrancy issue in the Stars Arena: Shares contract. The reentrancy issue is exploited to update the weight when the share/ticket is issued, so that 1 share can be sold at a much higher price or about 274 thousand $AVAX.

There has been a major security breach with the smart contract.

We’re actively checking the issue.

DO NOT deposit any funds.

Stay tuned for updates.

— Stars Arena (@starsarenacom) October 7, 2023

In a statement, the team of Stars Arena informed users not to deposit any funds. Also, they said that work is ongoing due to the security breach that occurred.

You can freely share your thoughts and comments about the topic in the comment section. Additionally, please don’ t forget to follow us on our Telegram, YouTube and Twitter channels for the latest news.

The post Stars Arena Lost $2.9 Million Due to a Hack Attack! appeared first on Coin Engineer.

SIM Swap attacks are a common occurrence, and criminals gain control of a mobile phone by deceiving service providers and connecting the phone number to a SIM card in the hacker’s possession. The swapped phones can then be used for fraud activity.

In separate incidents, exploiters targeted at least two users, claiming to have fallen victim to a SIM swap attack. The attackers successfully drained over 42 Ether (ETH), totaling nearly $70,000 at current prices.

A user affected by the situation, @darengb, shared the situation as follows:

“If your Twitter account is in your real name, your phone number can be found and this can happen to you “.

The social application Friend.Tech has become one of this year’s most popular crypto platforms, generating consistent income and profits for its creators despite the bear market. As previously reported, the app gathered over 100,000 users within just two weeks of its live launch.

However, security risks remain a significant concern for any crypto platform. Hackers can employ various techniques, from smart contract manipulation to flash loan attacks, to exploit rich users using traditional methods.

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Here are some general recommendations for users and Friend.Tech:

1. Contact Your Mobile Operator: If you suspect unauthorized SIM card changes, immediately contact your mobile operator. Also they can help you regain control of your phone number.
2. Change Passwords: Change passwords for all online accounts, including Friend.Tech and sensitive ones. Utilize strong, unique passwords per account, and a password manager can assist in tracking them securely.
3. Enable Two-Factor Authentication (2FA): Activate 2FA wherever possible for Friend.Tech and crypto accounts, adding an extra layer of security to safeguard your assets, even if your password is compromised.
4. Exercise Caution with Personal Information: Refrain from linking your Friend.Tech or other online accounts to real-world profiles and phone numbers. Using aliases and disposable email addresses can enhance your privacy.
5. Monitor Your Accounts: Routinely monitor your crypto wallets and bank accounts for any unauthorized transactions. Timely detection can minimize potential losses.
6. Educate Yourself: Educate yourself about prevalent security threats like SIM swap attacks. Avoid divulging personal information online or via phone.
7. Utilize Hardware Wallets: Consider using hardware wallets to securely store your cryptocurrencies. Hardware wallets are highly secure since they are not connected to the internet, akin to software wallets or online exchanges.
8. Report the Incident: Report any SIM swap attacks to the police and relevant authorities. This action can aid investigations and identify the culprits.
9. Seek Professional Help: If faced with potential security breaches or attacks, seek assistance from experts to effectively address the situation.

You can freely share your thoughts and comments about the topic in the comment section. Additionally, please don’ t forget to follow us on our Telegram, YouTube and Twitter channels for the latest news.

The post Friend.Tech SIM Swap Attack! appeared first on Coin Engineer.

Friend.Tech, which attracts attention as a decentralized social tokenization platform, has become a significant focus of attention today. Friendtech, as a platform operating on Coinbase’s layer-2 network, has managed to get ahead in network revenues, leaving Bitcoin (BTC) and Uniswap behind. The platform, which generated over $ 1.2 million in revenue in a short period, reached more than 60,000 users, creating a large user base. However, some critics who evaluated this rise expressed concerns about the system’s sustainability and gave the platform 6-8 weeks to continue.

Friendtech, which has many licensed and unlicensed people-friendly applications, promises freedom and privacy to its users as an alternative to the centralization of social media platforms. However, whether this rapid rise is sustainable in the long term has become a matter of debate among critics and experts. The ability of Friendtech’s business model and infrastructure to cope with increasing user demand and the platform’s growth is being questioned.

Let me tell you one thing.

Something isn’t right about @friendtech.

Creators making money from a group chat that doesn’t even work when you can’t even reply directly to people?

The way pricing works is ridiculous and can be easily taken advantage of.

Pumps and dumps. pic.twitter.com/TJqcktEM6P

— Yazan (@YazanXBT) August 20, 2023

“Friend.Tech trends may be short-lived”

The user named “Yazan”, known for his content on the cryptocurrency market, expressed his views on the rise of Friendtech, emphasizing a 6-8 week period. Drawing attention to the rapid increase in the platform’s stocks and other assets, this popular person suggested that the system has a negative market dynamic. Predicting that this intense interest in Friendtech could continue for 6-8 weeks, this influential person continues to use a stimulating tone with his social media posts.

A simple explanation of how @friendtech share pricing works (and other fun facts about friend tech's contract) : pic.twitter.com/wkZDuprVaY

— cygaar (@0xCygaar) August 19, 2023

“Cygaar,” one of the leading phenomena of the cryptocurrency world, made a remarkable assessment by analyzing the data of the Friend.tech platform. Comparing share prices and the amount of supply, Cygaar stated that there is an imbalance in the current situation. However, the popular name pointed out that we are under the influence of the bear market and stated that the platform is currently seen as an earning opportunity, but may lose its excitement in a short time.

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The post Can Friend.Tech Project Be Fake? appeared first on Coin Engineer.

Friend tech is a platform that allows buy and sell your friend’s shares. Additionally, the platform is based on the BASE network. I mean Friend Tech is Web3 social media network. If you have anyone’s share, you can send a message to him/her. And then you can earn income from the share’s popularity.

Right now, Friend Tech is working on only Ethereum Layer 2 solution BASE Network. This platform is released on 10 August 2023. Due to 10 days, the platform had a volume of 11.000 ETH. The platform already had 40.000 individual users. The transaction count is more than 50.000.

Friend Tech is executed by a social media network developer specialist named Racer (0xRacerAlt). 

After entering the platform, users are starting creating their groups or they can join other groups. Every share defines its own supply and demand state. Group creators and admins can talk with other members. If you want to be a piece of any group there. You have to buy its share. And then you can join it. In addition, every member can sell shares and leave the group.

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At the same time, the application has a payment and point encouragement system. If your share is bought or sold by other users, you can earn trading fees from these transactions. You can earn just %5 from these trading fees. And then %5 is transferred to the treasury.

As a result, every user can convert their own Twitter account to their own share. And then the user can earn passive income from this or can sell directly and can realize their own profits.

We created a Guide for Using as a CoinEngineer

• First of all, you must click on the link for reaching Friend Tech and add it home screen. Scroll down it, then you can see the main menu.
• Back to the main menu and open the application.
• Enter the application and connect your Twitter account.
• PS: You need an invite code. You can’t enter without invite codes. Invite codes for using: ft-o4z3fr4b
  ft-83zoojbv
  ft-fygchkqs

How To Buy Share on the Friend Tech?

• Firstly, you must have ETHs on the Base network. Because Friend tech is working on Base. You can use the official bridge by Base for depositing ETH to the application.
• The application will show you the address for depositing ETH
• After depositing transactions you can buy your first share.
• And then you must choose better accounts that have better mass. Because they have a strong community and the community will buy and make raising on the share.

If you want to reach more content than that, you can click on the video below.

You can present your thoughts as comments about the topic. Moreover, you can follow us on Telegram, Twitter, and YouTube channels for the kind of news

The post What Is New Trend on the Crypto Market Friend Tech? appeared first on Coin Engineer.