Since its launch on Aug. 10, Friend.tech has gained traction after 100,000 users entered the crypto social media app.
A report from CoinDesk says that it also generated a revenue of over $25 million in just a span of almost three weeks.
While it's too early to say that this is a safe platform to put your crypto assets on, you need to know that it also has some red flags you need to avoid.
What is Friend.tech?
Social app Friend.tech surprisingly recorded over 100,000 users since its launch, but should you trust this platform for your crypto assets?
According to Mashable, Friend.tech is a social app where you can buy shares from a user. Unlike the usual setup of Threads and Twitter, this platform brands itself as the "marketplace for your friends."
In short, it's a token app that allows users to purchase and trade "keys." Those who successfully traded their keys can receive a small "fee" in Ethereum.
Basically, you need to link your Twitter (or X) account to the mobile app. From here, a group chat will be made for the holders.
Joining the crypto project can net you interesting features which are exclusive to the group members. Users can also get airdrops as rewards.
Famous People Are Making Money on Friend.tech
As per Decrypt's report, among the top-earning people from Friend.tech are 100 Thieves CEO Matthew "Nadeshot" Haag, esports personalities Nordan "FaZe Rain" Shat," and "Ricky "FaZe Banks" Bengston.
Since registering for the crypto social media app's beta, the three influencers collected a passive income of more than $27,000, $19,000, and $73,000.
Content creator FaZe Rain has earned over 226 ETH in less than 24 hours. "Call of Duty" pro player Nadeshot garnered over 322 ETH which amounts to $27,000.
Related Article: Crypto Scams Plunge 77% to $1.1 Billion in 2023, but Ransom Attacks Surge by 62.4%
Friend.tech Red Flags
Since this browser-based app is a crypto project, we can expect that not everyone will earn like the esports influencers.
Cryptocurrencies are highly volatile and their value can change in just a minute. Because of this, some critics say that there are some issues you need to know before diving into Friend.tech.
First, this requires your Ethereum wallet to be linked to your X account. Because this is required on the platform, this means that you are giving the app permission to access the information on X.
Another issue that you should take note of is that the Friend.tech database is not safe. Early reports said that it was leaked which made your data vulnerable and accessible to the public.
Is Friend.tech a Crypto Scam?
Not all crypto platforms are scams, but Friend.tech could be the newest channel for crypto scammers. All over the platform, phishing attacks are ongoing. If the victims are not aware of this campaign, their wallets will be drained easily.
Don't fall for the friendtech airdrop claim website in the comments.
— Cryptowatcher (@cryptowatchher) August 20, 2023
It's a scam. It will drain your wallet. pic.twitter.com/KQL9oksEOU
There's a fake airdrop scheme that could wipe out your crypto assets in an instant. Another suspicious fact about this app is that no one knows about its creator. If you want to splurge excess money for investment, this is not a good platform to get started.
