Weekend Trading Volume Surges in Possible Friend.tech Exodus


20 Nov 2023 7:28 AM

Trading volumes and activity on the controversial SocialFi platform Friend.tech has been elevated recently, but that is not necessarily a positive metric. ...

  • Trading volumes and activity on the SocialFi platform Friend.tech have increased recently, with the total trading volume exceeding $10 million over the weekend.
  • However, industry analyst Colin Wu suggests that this may be exit behavior, as Ethereum is being withdrawn from the platform at a faster rate than it is being minted.
  • The total value locked on Friend.tech has fallen by 21% over the weekend to 17,100 ETH, the lowest since mid-September.
  • Since its peak in early October, Friend.tech's total value locked has decreased by around 34%.
  • The number of new users on the platform has not significantly increased since late October.
  • Friend.tech has been targeted by scams, with phishing and SIM-swap attacks affecting its users.
  • The platform reported removing 600,000 accounts identified as bots, but genuine users have also been locked out.
  • Prominent crypto influencers have reported being locked out of the platform and losing funds, with some expressing regret for joining Friend.tech.

The sentiment in the article is mostly negative, with users becoming disgruntled, losing funds, and expressing regret for joining Friend.tech. The platform is also facing issues with scams and security attacks.

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You May Ask

What is the current trading volume on Friend.tech?Is the increase in trading volume a positive sign?How much Ethereum was withdrawn from the platform over the weekend?What is the current total value locked on Friend.tech?How has the number of new users on the platform changed since late October?

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