Twetch Abruptly Closes Operations: Leaves Investors Stranded and Hints at Open-sourced Revival
Summary:
Twetch, a social media platform on the Bitcoin SV blockchain abruptly stopped operations on June 6, leaving cryptocurrency investors unable to access their NFTs and virtual collections. While no reason for closure was given, the Twetch mobile app is still available for download. The company made a hopeful suggestion of a potential revival through open-sourcing its code. Meanwhile, competitor platform X is struggling with security breaches and fake investment schemes propagated by hackers.
On June 6, Twetch, a social media platform using the Bitcoin SV (BSV) blockchain and seen as a rival to X, abruptly ceased operations with no previous warning. Many cryptocurrency enthusiasts found themselves unable to withdraw or monetize their nonfungible tokens (NFTs) and virtual collections following this surprise closure. The company briefly responded to one concerned investor by assuring that they were "working on it." The Twetch website, while offering no insight into the reasons for closure, still allowed users to download the Twetch mobile app from both the Apple and Google app stores. The Bitcoin SV platform that Twetch used was established by Craig Wright who has long claimed to be the creator of Bitcoin (BTC). A UK court on March 14, however, ruled that Craig Wright was not Satoshi Nakamoto, the pseudonym used by the anonymous founder of Bitcoin. Significantly, Josh Petty, CEO and founder of Twetch.com, had no link to Wright. Twetch, leaving a hopeful legacy, suggested the platform may revive through an open-source version of its code. As Twetch grapples with building a robust user community, its rival platform X is wrestling with security issues. High-profile social media accounts on X have been taken over by hackers promoting fake investment schemes and crypto funds. Unusual activity on Near Protocol's X account, for example, incited suspicion that it too had been breached. A series of odd tweets urged Near Protocol’s two million followers to "reclaim your sovereignty", among other strange instructions.
Published At
6/7/2024 11:26:39 AM
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