The social media platform Twetch —a Web3 competitor to X that operates on the Bitcoin SV (BSV) blockchain — unexpectedly shut down on June 6 without prior notice.

Shortly thereafter, several crypto investors found themselves unable to redeem or cash out their nonfungible tokens (NFTs) and virtual collections. In response to one investor, the company stated: “We are working on it.”

Twetch's website did not explain the reasons for its eventual shutdown. However, as of this writing, users could still download the Twetch mobile application from the Apple and Google app stores.

Bitcoin SV was founded by Craig Wright, who for years tried to claim credit for creating Bitcoin (BTC). 

On March 14, a United Kingdom court ruled that Craig Wright was not Satoshi Nakamoto, the pseudonymous creator of the Bitcoin network.

It is important to note that Josh Petty was the CEO and founder of Twetch.com, and the BSV app had no connections to Wright.

Leaving behind a wishful legacy

In a subsequent tweet, Twetch indicated that the social media platform may still have a future. The company aims to keep the idea of Twetch alive by open-sourcing its code.

“We are also seriously considering open-sourcing, so anyone can spin up whatever version of Twetch they want.”

Challenges facing Web3 platforms

While competitors like Twetch struggle to attract a solid user base, X faces a different set of challenges.

Related: CoinGecko’s X accounts compromised in phishing attack

Hackers on X continue to hijack prominent social media accounts to shill bogus investments and crypto funds. Recently, unusual activity on Near Protocol’s X account raised suspicion of a similar attack.

Several tweets went out from Near Protocol’s official X handle, asking its nearly two million followers to “reclaim your sovereignty,” among other unusual directives.

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