June 9, 2024
Twetch Shutdown
Bitcoin News

Twetch Shutdown Leaves Bitcoin SV Users in Limbo

Twetch Shuts Down Abruptly: Users Struggle with NFT Access

The social media platform Twetch, a Web3 competitor to X that operates on the Bitcoin SV (BSV) blockchain, unexpectedly ceased operations on June 6 without any prior notice. This sudden shutdown left many crypto investors unable to redeem or cash out their nonfungible tokens (NFTs) and virtual collections. In response to one investor’s query, the company assured, “We are working on it.”

Lack of clarity surrounding the shutdown

Twetch’s website did not provide any explanation for its sudden closure. Despite this, users can still download the Twetch mobile application from both the Apple and Google app stores. Twetch operates on the Bitcoin SV blockchain, which was founded by Craig Wright. Wright has long attempted to claim credit for creating Bitcoin, though a UK court ruled on March 14 that he is not Satoshi Nakamoto, the pseudonymous creator of the Bitcoin network. It’s worth noting that Twetch.com was founded by Josh Petty and had no direct connections to Wright.

Future Prospects for Twetch

In a subsequent tweet, Twetch hinted that the platform might have a future, suggesting the potential open-sourcing of its code. This move would allow anyone to create their own version of Twetch. The company stated, “We are also seriously considering open-sourcing, so anyone can spin up whatever version of Twetch they want.”

Challenges Facing Web3 Platforms

While Web3 platforms like Twetch face difficulties in building a substantial user base, X confronts different issues. Hackers frequently target prominent social media accounts on X to promote fraudulent investments and crypto schemes. Recently, unusual activity on Near Protocol’s official X account led to suspicions of a similar attack. Several tweets from Near Protocol’s handle urged its nearly two million followers to “reclaim your sovereignty,” among other odd directives.

Way ahead

The unexpected shutdown of Twetch highlights the challenges faced by Web3 platforms operating on the Bitcoin SV blockchain. Despite the uncertainty, the prospect of open-sourcing Twetch’s code offers a glimmer of hope for the platform’s future. As both Twetch and Bitcoin SV continue to navigate these turbulent times, the broader crypto community watches closely, hoping for a resolution that will benefit users and investors alike.

Image by partystock on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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