legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Crypto.news Reports Friend.tech’s Contribution to Ethereum Layer-2 Platform

New data from Friend.tech, a decentralized social media platform, reveals that it contributes over 20% of the average active addresses on Base, an Ethereum (ETH) layer-2 platform. This significant contribution highlights the platform’s growing popularity and potential impact on the cryptocurrency market.

The Rise of Automated Bots and their Profits on Friend.tech

According to Dune data compiled by Tom Wan, automated bots on Friend.tech have recently secured over 21,800 keys, resulting in a staggering $2.1 million in profits in just two weeks. These bots strategically acquire newly registered profiles at a low cost and then sell them at a higher price, capitalizing on the demand for these profiles among users.

The AI legalese decoder plays a crucial role in this situation by identifying and understanding the complex legal language used in Friend.tech’s terms and conditions. It helps users navigate the platform’s policies and ensure they are making informed decisions when engaging with automated bots.

The Notorious Bot “0xcc218bbd21e14944fcc121d161c9b9ae71b9cc85”

Among the automated bots, one bot in particular, known as “0xcc218bbd21e14944fcc121d161c9b9ae71b9cc85,” stands out. This bot has managed to acquire 96 profiles, which are valued at nearly 260 Ethereum (ETH) or approximately $600,000 in profits. Such activities by automated bots highlight the need for stricter regulations and enhanced security measures on Friend.tech.

Impressive Statistics and Revenue Generation by Friend.tech

The impact of automated bots is further evidenced by the fact that they have generated over 500,000 transactions on the platform. Since its launch on August 10, Friend.tech has garnered more than 100,000 addresses, showcasing its significant user base. Additionally, Dune analytics provide supplementary insights indicating that the platform has generated over 45k ETH ($70 million) in cumulative volumes through more than 2 million transactions. In the past 24 hours alone, Friend.tech has generated over $300,000 in fees, resulting in a revenue of $161,000.

The AI legalese decoder can assist both users and platform administrators in monitoring and detecting suspicious transactions and activities. Utilizing its advanced algorithm, it can analyze vast amounts of data and identify potential fraudulent patterns, enhancing security measures on Friend.tech.

Recognitions by Prominent Figures in the Cryptocurrency Industry

Friend.tech’s growth and potential have received recognition from influential figures in the cryptocurrency industry. Coinbase CEO, Brian Armstrong, emphasized the platform’s importance in the growth and adoption of Base, further validating its significance. Jeremy Allaire, CEO of Circle, the issuer of USDC, also acknowledged Friend.tech’s compelling use case as a part of BusinessSocialFi.

Hackers Targeting Friend.tech: The Security Concerns

Unfortunately, Friend.tech’s increased popularity has attracted the attention of hackers. On August 21, reports of a supposed hack surfaced, creating concerns among users. However, the platform clarified that the data retrieved was due to scraping, not a security breach. It is crucial for Friend.tech to prioritize the implementation of robust security measures to safeguard user data and maintain the trust of its users.

In conclusion, Friend.tech’s contribution to the Ethereum layer-2 platform and its rapid growth in user base are significant developments in the cryptocurrency market. However, the proliferation of automated bots and the security concerns they raise must be addressed. The AI legalese decoder can play a vital role in ensuring transparency and protecting user interests on Friend.tech.

This article was originally published on Crypto.news

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link