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

On Sept. 8, the Friend.tech team permanently relinquished control over the project's smart contracts by setting the admin and ownership parameters to Ethereum's null address, preventing any future changes to their fees or functions.

Following this move, the Friend.tech (FRIEND) token dipped by 26% just 24 hours after the announcement.

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

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

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