Friend.tech DeFi social media app trades 4,400 ETH on launch

In less than 24 hours since its launch, Friend.tech (@friendtech on Twitter), a decentralized platform that allows users to tokenize their social network, has driven 4,400 ETH ($8.1 million) in trading volume. Built on Base, Coinbase's new layer 2 network, the app has already outpaced OpenSea's trading volume and reached 136,000 daily active users.

The platform enables users to sell "shares" of themselves to their followers, granting owners the ability to exchange private messages. Influencers like Jordan Fish and Hsaka Trades have already joined, and the application has facilitated over 126,000 transactions.

While the platform's innovative approach to social media and exponential growth have excited the crypto community, the unresolved concerns about data privacy and lack of essential information may indicate potential risks. Users interested in Friend.tech should approach with caution, as the platform's true intentions remain unclear.

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Zunami Protocol suffers $2.1 million loss in exploit

Zunami Protocol, a decentralized finance (DeFi) yield aggregator, recently experienced an exploit that potentially resulted in losses exceeding $2.1 million. PeckShield, a security firm, reported detecting an active attack involving two significant transactions. Additionally, PeckShield noted that the stolen funds were subsequently laundered using Tornado Cash, a mixing service.

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Memecoins soar in price over the week 

Pepe (PEPE) and Shiba Inu (SHIB), two meme coins, have emerged as prominent gainers in the market over the last week. Both tokens have experienced significant price surges, with PEPE showing a remarkable 22.5% increase during this period. Currently trading at $0.00000142, according to data from CoinGecko, PEPE has also risen by 6.9% in the past 24 hours and reached its highest point in three weeks on Monday morning.

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PayPal to roll out a Crypto Hub

PayPal, a leading payments company, has made changes to its terms and conditions. The update introduces the Cryptocurrencies Hub feature, which enables users to hold and engage with Bitcoin and other cryptocurrencies in their PayPal account. 

The revised terms outline the requirements for individuals interested in using PayPal for cryptocurrencies. With the new service, users will have the ability to buy and sell crypto on the platform. Furthermore, they can utilize funds from cryptocurrency sales to make purchases through PayPal. This development showcases PayPal's commitment to embracing digital currencies and providing enhanced services for its customers in this rapidly evolving market.

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Other breaking news

• Libbitcoin's vulnerability leads to a $900,000 loss 
• Coinbase’s Layer 2 blockchain is permissionless, according to Jesse Pollak
• Curve to reimburse customers that lost money
• GHO stablecoin constantly under its peg
• Crypto startups raise $60 million over the week

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Wrapping up

Wrapping up, this week's highlights include Friend.tech's remarkable launch with privacy red flags, Zunami Protocol's $2.1 million loss, the surge in Memecoins, and PayPal's embrace of cryptocurrencies with its new Crypto Hub. These events reflect the dynamic and ever-changing nature of the crypto industry, underscoring the importance of vigilance and informed decision-making. Stay connected with Datawallet for the latest insights and trends.