The once promising Web3 social network, Friend.Tech, has effectively shut down after its development team gave up control over its smart contracts, leaving the platform in limbo and preventing new teams from taking over. This decision came after a period of stagnant growth for Friend.Tech and the team raised $52.4 million through the protocol. Jeffrey Huang, a leading figure in the crypto world, reportedly lost at least $15 million by purchasing the platform's altcoin, FRIEND. Friend.Tech launched on the Coinbase-backed Layer 2 network Base and gained popularity quickly but has now faced a downfall.



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