The team of friend.tech, one of the social token platforms, sent tens of millions of dollars to the crypto exchange Coinbase.
Blockchain analyst Tom Wan to share According to friend.tech, it transferred transaction fees collected on the platform from a regular wallet last month. to a multi-signature wallet passed.
Friend.tech, launched in August 2023, is a decentralized social network. Users can interact with other users by purchasing units, formerly known as “shares” and now known as “keys”, on the platform.
According to Wan’s post, the friend.tech team sent 7,800 Ethereum ($16.6 million), which is also half of the transaction fees, to Coinbase.
In the statement made by Friend.tech last month, it was stated that the transfer of funds to multi-signature wallets and professional custody platforms will be a part of the project. “will improve long-term security” was stated.
The team thus fulfilling tax obligations more easily aims.
The total number of assets held on the Friend.tech platform dropped to approximately 15 thousand Ethereum after a record of 30 thousand Ethereum.