Social media app friend.tech has denied a report suggesting its database of users had been "leaked." Meanwhile, friend.tech has become a central talking point among the crypto community and some European users have reported difficulties withdrawing funds from crypto exchange Binance.
Friend.tech denies report that database of over 100K users was leaked
The team behind the viral decentralized social media platform Friend.tech has refuted a report that claimed that the personal information of more than 100,000 of its users was “leaked.”
The now-amended report, first posted by The Block, suggested that data posted by Banteg, a pseudonymous developer for Yearn Finance, was “leaked” information.
The Friend.tech team, however, clarified that the information came from scraping its public API.
“It’s like saying someone hacked you by looking at your public Twitter feed,” the official friend.tech account argued.
Banteg originally published a repository of the publicly available scraped data, containing details of users on the Friend.tech platform on GitHub.
This data included wallet addresses on Base, linked to the corresponding Twitter usernames for more than 101,000 users.
“101,183 people have given friend.tech access to post as them, leaked db (database) indicates,” Banteg wrote.
Howeer, Banteg appears to agree that the report had inaccurately interpreted his tweet.
Binance limits European withdrawals over payment processing issues
Binance has reportedly limited withdrawals for certain European users due to issues related to Single Euro Payments Area (SEPA) transfers.
A Binance customer support representative wrote on X (formerly Twitter) that euro withdrawals via SEPA were suspended. However, the post was later deleted, with Binance telling Cointelegraph: “The SEPA deposit and withdrawal service will continue until 25 September as originally communicated” and that the “Customer Support message was sent in error.”
In a separate message to Cointelegraph, a Binance spokesperson said: “Some users may occasionally be asked for more information as part of routine compliance checks, which could lead to early closure of their accounts.”
The confusion stemmed from Binance users in Europe claiming to have withdrawal issues. One user in particular claimed to have bought a large amount of euros on Binance but was unable to withdraw the fiat funds due to the closure of the person's Paysafe account.
Paysafe was Binance’s euro banking partner. Paysafe announced in June it would no longer support the crypto exchange beginning in September.
Friend.tech generates $1M in fees, critics warn it won’t last
Friend.tech, a new decentralized social media app, has rapidly become one of the hottest new things in crypto, though some users are concerned its model won’t stand the test of time.
The social media app, built on Base, has already garnered over 64,000 new users and more than 24,000 Ether (ETH) in trading volume since its beta version launched on Aug. 11.
According to data from DefiLlama, Friend.tech has generated $1.42 million in fees in the last 24 hours and $4.2 million since its public launch.
At the time of publication, the total revenue for the project stands at $1.88 million, and it has witnessed over 724,000 transactions from more than 64,500 unique traders.
However, some Friend.tech observers have warned it’s getting too hot too quickly.
Speaking to Cointelegraph, one crypto commentator, Yazan, believes the app has between six and eight weeks before both share prices and general activity begin to nosedive.
Another crypto user, pseudonymous Web3 marketer Legendary, said it could draw parallels to BitClout — a predecessor DeSo app from 2021.
“I think the platform will collapse as BitClout did. We are in a bear market, and there’s nothing to do. Everyone jumps on an opportunity to make money, but I think the platform will be done within the next weeks to months,” he wrote.
That being said, some also see the app as having more room to grow, contrasting the naysayers.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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