Friend.tech transferred control of some of its smart contracts to a null address, which can never be reversed.
The token for crypto social media platform friend.tech has plummeted after its team transferred the admin and ownership of its smart contracts to Ethereum’s null address — permanently relinquishing any control over them.
The transfer, made on Sept. 8, was made to “prevent any changes to their fees or functionality in the future” friend.tech said on X the same day.
The platform’s token, FRIEND, dropped by nearly 26% in the last 24 hours to $0.067 after the transfer, according to CoinGecko.
