🌐 Friend.tech: A Ponzi Scheme in the Cryptocurrency Market?

Web3 social media platform Friend.tech, a project that once attracted much attention in the cryptocurrency market, has recently been accused of being a Ponzi scheme.

The project has declined rapidly in less than a year, and its team has sold up to $52 million worth of Ethereum in the last six months, which has attracted widespread attention in the market.

Although Friend.tech was highly expected to become a platform project with social attributes that could replace Facebook and Instagram when it was launched, it now seems that the project has not lived up to expectations.

In a tweet on social media X, Waleswoosh, a pseudonymous cryptocurrency analyst, pointed out that Friend.tech steals keys after users create accounts, which further exacerbates doubts about the project.

According to data from Lookonchain, the Friend.tech team has sold a large amount of Ethereum in the last six months, totaling 19,477 pieces, worth about $52 million. This behavior suggests possible misconduct by the project party and highlights the instability of the project.

Judging from the daily chart of Friend.tech, the price of its token FirstToken (FT) has been falling since March. In just over five months, the price has fallen by nearly 95%.

Some community members said that this trend seems to clearly show that this is a typical "Rug pull" project, that is, the project party suddenly withdraws funds or sells in large quantities after attracting investors, causing the price to plummet.

This case once again reminds us that in the cryptocurrency market, we should not ignore the fundamentals and development prospects of the project in pursuit of short-term gains, because this may bring great project risks.

In summary, whether a cottage currency project can stand the test of time is an important criterion for evaluating its value. Investors should note that many cottage currencies may eventually "return to zero" like FirstToken (FT). Therefore, investment decisions should be made based on comprehensive analysis and careful consideration.

💬 Do you think Friend.tech is a project worth paying attention to or a scam that should be guarded against? What are your criteria and methods for considering cottage projects? Leave your opinions in the comment area!

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