Friend.tech Completes On-Chain Transaction for Ownership Transfer
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Good friend.tech, a decentralized social app constructed on Coinbase’s blockchain Base, has efficiently transferred the possession of its sensible contract and funds to “a brand new mixture of multisig {and professional} custody.”
The information that the required on-chain transactions to switch the possession had been accomplished was shared by Good friend.tech on X this weekend, with the group saying the transfer will was obligatory to enhance safety and compliance with tax guidelines.
“These adjustments will enhance the long run safety of friendtech and permit us to satisfy tax obligations,” the put up stated.
We have now accomplished onchain transactions to switch possession of the friendtech contract and funds to a brand new mixture of multisig {and professional} custody.
These adjustments will enhance the long run safety of friendtech and permit us to satisfy tax obligations
— pal.tech (@friendtech) December 2, 2023
Good friend.tech’s transfer of funds to a safer multisig custody answer adopted an incident from October this yr when a scammer bought away with round $400,000 in 24 hours by focusing on Good friend.tech customers with so-called SIM-swapping assaults.
In a put up on X on the time, blockchain sleuth ZachXBT revealed that the scammer had stolen 234 ETH over the previous 24 hours by SIM-swapping 4 totally different Good friend.tech customers.
The identical scammer profited $385K (234 ETH) up to now 24 hours off SIM swapping 4 totally different FriendTech customers. pic.twitter.com/03BoBEqGax
— ZachXBT (@zachxbt) October 4, 2023
Launched in August
Good friend.tech launched on the brand new Base blockchain as lately as in August this yr, and has already amassed revenues of greater than $25 million, in response to knowledge from DeFiLlama.
By way of person charges, Good friend.tech has now generated near $52 million on a cumulative foundation.
The charges are derived from taxing round 10% of the buying and selling quantity of social tokens.
Good friend.tech charges and income. Supply: DeFiLlama
The platform made headlines in October when knowledge confirmed that the platform had generated revenues of over $20 million after being dwell for simply two months.
Good friend.tech serves as a platform that permits customers to hyperlink their X accounts and facilitates the shopping for and promoting of influencer profile tokens, referred to as “keys,” utilizing ETH on the Ethereum-based layer 2 community Base.
