The Friend.tech team announced on September 10 that they have no plans to discontinue their website application, despite facing rug pull allegations online.

The team behind Friend.tech, a Web3 social media platform, permanently relinquished control over the project's smart contracts on September 8, setting the admin and ownership parameters to Ethereum's null address.

Following this move, the Friend.tech (FRIEND) token dipped by 26% just 24 hours after the announcement, leading to accusations of a rug pull from a pseudonymous crypto analyst named Waleswoosh.

Waleswoosh described the project as a "Ponzi" as it evolved from a social finance (SocialFi) app into advanced trading, and pointed out that the creators and the team made over $60 million in fees during the project's peak.

The analyst also claimed that the creators had promised "wild things" to their key holders, including splitting airdrops between them, but these promises were not fulfilled.

Despite the allegations, the Friend.tech team maintains that they have no plans to discontinue the project and have taken steps to prevent any future changes to their fees or functions.

The $52 million raised by the Friend.tech team in just 6 months is now at the center of a controversy, as the project faces accusations of a rug pull and Ponzi-like behavior.

Source: https://cointelegraph.com/news/friend-tech-team-faces-rug-pull-allegations

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