ZachXBT

Source: Adobe / Joaquin Corbalan 
Friend.tech, a decentralized social app built on <a href="https://cryptonews.com/news/coinbase-launches-layer-2-blockchain-base-to-offer-fast-low-cost-and-secure-transactions-heres-what-you-need-to-know.htm" rel="noopener noreferrer nofollow">Coinbase’s blockchain Base</a>, has successfully transferred the ownership of its smart contract and funds to “a new combination of multisig and professional custody.”
The news that the necessary on-chain transactions to transfer the ownership had been completed was shared by Friend.tech on X this weekend, with the team saying the move will was necessary to improve security and compliance with tax rules.
“These changes will improve the long term security of friendtech and allow us to fulfill tax obligations,” the post said.
We have completed onchain transactions to transfer ownership of the friendtech contract and funds to a new combination of multisig and professional custody.
These changes will improve the long term security of friendtech and allow us to fulfill tax obligations
— friend.tech (@friendtech) <a href="https://twitter.com/friendtech/status/1731065062130135533?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 2, 2023</a>
Friend.tech’s move of funds to a more secure multisig custody solution followed an incident from October this year when a <a href="https://cryptonews.com/news/scammer-makes-off-around-400k-24-hours-by-targeting-friendtech-users-through-sim-swapping-scams.htm" rel="noopener noreferrer nofollow">scammer got away with around $400,000</a> in 24 hours by targeting Friend.tech users with so-called SIM-swapping attacks.
In a post on X at the time, blockchain sleuth ZachXBT revealed that the scammer had stolen 234 ETH over the past 24 hours by SIM-swapping four different Friend.tech users.
The same scammer profited $385K (234 ETH) in the past 24 hours off SIM swapping four different FriendTech users. <a href="https://t.co/03BoBEqGax" rel="noopener noreferrer nofollow">pic.twitter.com/03BoBEqGax</a>
— ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1709697295464141208?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 4, 2023</a>
<h2 id="launched-in-august">Launched in August</h2>
 Friend.tech launched on the new Base blockchain as recently as in August this year, and has already accumulated revenues of more than $25 million, according to <a href="https://defillama.com/protocol/friend.tech" rel="noopener noreferrer nofollow">data</a> from DeFiLlama.
In terms of user fees, Friend.tech has now generated close to $52 million on a cumulative basis.
The fees are derived from taxing around 10% of the trading volume of social tokens. Friend.tech fees and revenue. Source: DeFiLlama 
The platform made headlines in October when data showed that the platform had <a href="https://cryptonews.com/news/friendtech-developers-amass-nearly-20-million-since-august-debut.htm" rel="noopener noreferrer nofollow">generated revenues of over $20 million</a> after being live for just two months.
Friend.tech serves as a platform that enables users to link their X accounts and facilitates the buying and selling of influencer profile tokens, known as “keys,” using ETH on the Ethereum-based layer 2 network Base.

Friend.tech Completes On-Chain Transaction for Ownership Transfer

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