🌙 Friend.tech Has Shut Down

Creators walk off with $44m as project shuts down.

Author

Mike Gavela
September 09, 2024

Crypto Roundup - September 9

Friend.tech, a decentralized social media app, transferred control of its protocol to an Ethereum burn address, ensuring that no single entity can make changes to the system, signaling a new era of community ownership. Meanwhile, Bitcoin ETFs witnessed a staggering $1.2 billion in outflows over just eight days, causing concern over market confidence in the product. On the political front, a new Super PAC dedicated to crypto is pouring funds into media campaigns, particularly targeting the Massachusetts Senate race, in an effort to influence regulatory outcomes in the industry

Top Stories

  • Friend.tech transfers control of its protocol to an Ethereum burn address, promoting decentralization and community ownership.

  • Bitcoin ETFs see $1.2 billion in outflows over eight days, raising concerns about investor confidence in these financial products.

  • Crypto Super PAC backs media campaigns in the Massachusetts Senate race, aiming to sway crypto-related regulations.

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TOP STORIES

Friend.tech creators walk off with $44m as project shuts down

The project’s creators have irreversibly revoked their ability to make changes to it.

www.dlnews.com/articles/defi/friend-tech-shuts-down-after-revenue-and-users-plummet

Bitcoin ETFs record combined $1.2B in outflows in 8 days

Investors withdrew $1.2 billion from 11 spot Bitcoin ETFs between Aug. 30 and Sept. 6, marking their longest run of outflows since launching on Jan. 10. 

cointelegraph.com/news/bitcoin-etfs-1-2-billion-outflows-8-days

Crypto Super PAC pours $660K into Senate race as US election closes in

The Commonwealth Unity Fund dispersed roughly $660,000 on media placements attacking Senator Elizabeth Warren and supporting Republican candidate John Deaton.

cointelegraph.com/news/crypto-super-pac-funding-media-massachusetts-us-senate

FUNDRAISING

Solana creator platform DRiP raises $8 million in seed round

The funds will be used to bring DRiP's mobile app to market and expand the development of its creator tools.

www.theblock.co/post/315270/solana-drip-raises-8-million-usd

OTHER HEADLINES

A 0.50% Fed Rate Cut Could Raise Alarm for Bitcoin, 10X Research Warns

The Fed is expected to begin its much-anticipating rate-cutting cycle from next week.

www.coindesk.com/markets/2024/09/09/a-050-fed-rate-cut-could-raise-alarm-for-bitcoin-10x-research-warns

Crypto fundraising is seeing ‘signs of recovery:’ PitchBook

As crypto fundraising shows renewed signs of recovery, token launches could also see a comeback this fall, PitchBook’s Robert Le said.

blockworks.co/news/crypto-funding-recovery-signs

Warren rallies donors against Winklevoss twins and other crypto bosses

Crypto critic Senator Elizabeth Warren has called on grassroots donors to back her bid to retain her seat amid opposition from a pro-crypto challenger.

www.dlnews.com/articles/regulation/warren-rallies-donors-vs-winklevoss-twins-and-crypto-bosses

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