Twetch, a social media platform that operates on the Bitcoin SV (BSV) blockchain as a competitor to X, unexpectedly ceased operations on June 6, catching many crypto investors off guard. Following the shutdown, users found themselves unable to access or cash out their nonfungible tokens (NFTs) and virtual collections. When questioned by an investor, Twetch simply responded with, “We are working on it.”
The reasons behind Twetch’s closure were not disclosed on their website, but as of now, users can still download the Twetch mobile app from both the Apple and Google app stores. It’s worth mentioning that Twetch was founded by Josh Petty and had no affiliation with Craig Wright, the creator of Bitcoin SV.
Despite the sudden shutdown, Twetch hinted at a potential comeback in a tweet, suggesting that the platform may be open-sourcing its code to keep the idea of Twetch alive. While Twetch faces challenges in attracting users, X, on the other hand, is dealing with security issues. Hackers on X have been targeting prominent social media accounts to promote fraudulent investments and crypto schemes, with Near Protocol’s recent suspicious activity being the latest example.
Near Protocol’s official X account was compromised, leading to tweets urging followers to “reclaim your sovereignty” and other unusual directives. As Web3 platforms navigate through these challenges, the future of social media in the crypto space remains uncertain.