Crypto’s Latest Craze Friend.tech Is Overrun by Bots, ‘Speculative Games’
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A hot new social-media project that enlivened an otherwise dull summer for digital-asset traders is already beginning to fizzle out, after reaching a peak that at one point made it the highest-earning service provider in decentralized finance.It's called friend.tech, a blockchain-based platform that allows users to buy and sell digital tokens linked to their favorite influencers on X (formerly Twitter), which act as a gateway to communicate with other backers in dedicated group chats. Early creators on the platform include crypto personalities like Cobie and HsakaTrades, as well as Milwaukee Bucks basketball player Grayson Allen and Y Combinator CEO Garry Tan. Less than two weeks after its Aug. 10 debut, fees on friend.tech — where 10% of every token purchase or sale gets split b...