Machi Big Brother proposed a $1 million buyout of Friend.Tech on August 27, sending the project's FRIEND token sharply higher. The offer aims to acquire the stalled social finance platform from Racer and Paradigm and relaunch its native asset.
FRIEND climbed more than 1,600 percent over 24 hours, trading near $0.06 following the announcement. The token had previously traded as low as $0.0025 during the same period and reached a high of roughly $0.10.
Trading volume for FRIEND surged to approximately $5.3 million over 24 hours, up from roughly $5,600 the preceding day. Friend.Tech's market capitalization expanded from less than $300,000 before the offer to nearly $10 million.
Machi's proposal carries personal stakes. He previously spent approximately 5,200 ETH, valued at $16.7 million at the time, to acquire roughly 11 million FRIEND tokens. Those tokens later declined to only $500,000, representing a loss exceeding $16 million.
Five days before announcing his $1 million offer, Machi transferred the 11 million FRIEND tokens to wallet 0x3205, publicly describing the receiving address as his "new fomo wallet" and rejecting suggestions he had sold them.
Friend.Tech launched on Base in August 2023 with a system allowing users to trade access to influencers' content feeds. Activity weakened considerably after its early success. In September 2024, the development team transferred control of Friend.Tech's smart contract to Ethereum's null address, preventing any future modifications to fees or core functionality. This followed a dramatic decline in platform revenues, with reported fees falling to as little as $71.
Despite the recent rally, FRIEND remains over 98 percent below its all-time high. On-chain data shows wallet 0x2078, inactive for six months, purchased 2 million FRIEND for 1.88 ETH, valued at $4,700. Following the token's increase, the wallet sold those 2 million FRIEND for 20.25 ETH, equivalent to $50,800—a profit of 18.37 ETH, or approximately $46,000.
