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 <p class="is-style-lead">Latest data about Friend.tech, a decentralized social media platform, shows that it contributes over 20% of the average active addresses on Base, an Ethereum (ETH) layer-2 platform.</p> 
 <p>Meanwhile, Dune data compiled by Tom Wan shows that in the last two weeks alone, automated bots have secured over 21,800 keys, earning $2.1 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> in <a rel="noopener noreferrer nofollow" title="profits" href="https://thebittimes.com/tag/profits.html">profits</a>. </p> 
 <p>These bots work by acquiring newly registered profiles cheaply before selling them at a higher price.</p> 
 <p>One bot in particular, “0xcc218bbd21e14944fcc121d161c9b9ae71b9cc85,” acquired 96 profiles worth nearly 260 Ethereum (ETH), which would be worth roughly $600,000 in <a rel="noopener noreferrer nofollow" title="profits" href="https://thebittimes.com/tag/profits.html">profits</a>. </p> 
 <p>Bots have generated over 500,000 transactions.</p> 
 <p>Since launching on Aug. 10, Friend.tech, which allows users to acquire “shares” of individuals on X, formerly Twitter, has over 100,000 addresses. </p> 
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    <p lang="en" dir="ltr">101,183 people has given friend tech access to posting as them, leaked db indicateshttps://t.co/yYYDqzUoON</p>— banteg (@bantg) August 21, 2023 
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 <p>Supplementary insights from Dune analytics show that Friend.tech has generated over 45k ETH ($70 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>) in cumulative volumes, from the more than 2 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> transactions since launching.&nbsp;</p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Friend.tech denies data breach with API clarification 
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 <p>In the past 24 hours, DeFiLlama data also reveals that the social media platform generated more than $300,000 in fees, turning in a revenue of $161,000.</p> 
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  <div class="wp-block-embed__wrapper"> <iframe title="Introducing Base" width="1020" height="574" src="https://www.youtube.com/embed/khZrWdAOirw?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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 <p>Earlier in the week, Coinbase CEO, Brian Armstrong, noted that Friend.tech can play an important role in the growth and&nbsp;adoption of Base.</p> 
 <p>Dune Analytics data&nbsp;confirms that 20% of active addresses on Base engage with Friend.tech.</p> 
 <p>Recently, Jeremy Allaire, the CEO of Circle, the issuer of USDC, said Friend.tech’s growth is a compelling&nbsp;use case of BusinessSocialFi. </p> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">Funny, I was saying the exact same thing to a group of users on https://t.co/WSmTYFjvaf. That seems like a pretty compelling use case. BusinessSocialFi. https://t.co/K4cH4qJckO</p>— Jeremy Allaire (@jerallaire) August 21, 2023 
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 <p>The social media platform allows users to tokenize their social connections, granting them access to <a rel="noopener noreferrer nofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a> like private messaging and interaction rights.</p> 
 <p>Unfortunately, Friend.tech’s increased popularity is attracting hackers. </p> 
 <p>On Aug. 21 there were reports of a supposed hack. However, the platform clarified that data retrieved was due to scraping, not a security breach.</p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Friend.tech targeted by phishing scam as its volumes grow 
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Bots amass over $2 million in profits on Friend.tech

TheBitTimes

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