Famous DJ leaves social network focused on cryptocurrencies due to fear of regulators

The social network that went viral among cryptocurrency investors, Friend.Tech, lost one of its main directors, the famous DJ and Web3 entrepreneur Justin David Blau, the famous 3LAU.

The announcement came from the DJ himself, who confessed that he fled the platform due to the high regulatory risk.

He confessed to 3LAU in a message on Twitter his departure from the platform, because he knew that many would ask him that in the future. In other words, before any rumors surfaced, he publicly explained his reasons for stepping away from the platform he helped found.

DJ 3LAU steps away from social media with NFTs for fear of regulators, see his farewell letter

Since August 2023, many cryptocurrency investors have been lured to the Friend.Tech cryptocurrency social network, without knowing that one of its founders was DJ 3LAU.

The social network similar to Telegram and WhatsApp allows you to chat and communicate with other users. However, some social networking mechanisms are only activated by cryptocurrencies, a means of payment that can even reward its users.

Despite showing promise, the tool lost its DJ last Friday amid concerns about problems the social network could run into with regulators. According to him, 8 ETHs will be donated to other music platforms he supports.

“Because people will ask… I just left http://friend.tech after understanding more about the risks. I think it’s a great product, but for me (unfortunately) a bit risky. I’m going to donate 8ish ETH to a music-specific charity that I’m passionate about called Paid In Full Foundation. Much Love and I take full responsibility for not understanding the full spectrum of risk that (frankly) comes with a new crypto product before using it.”

“The risks are not that great, but I have to be careful,” DJ added

At the end of his farewell letter to the cryptocurrency platform’s board, 3LAU still said he did not believe in such high risks. In any case, he confessed that he has a responsibility not to get involved with products in an unclear regulatory space.

“PS – I don’t think the risks are *high*, but I certainly have a responsibility not to get involved in a less clear regulatory environment.”

Businessman and DJ 3LAU practically asked for regulation and stopped investing in a new product for which governments have not yet established rules. In recent years, many fans of bitcoin itself have admitted that regulations could help the market evolve, although the technology’s biggest fans doubt the effectiveness of new rules.

It is worth remembering that 3LAU is a supporter of cryptocurrencies. For example, in April 2022, the DJ paid the tuition of an artist from Canada by sending him cryptocurrencies as a gift to pay off his debts.

Source: Live Coins