Machi Big Brother Offers $1M for Friendtech After $16M FRIEND Loss

Jeffrey Huang, the high-profile crypto trader known as Machi Big Brother, has proposed paying $1 million to take over Friendtech and relaunch the project, blockchain analytics platform Lookonchain said.

The proposal comes after Huang accumulated a large position in FRIEND that has fallen sharply in value. He bought 11 million tokens for about 5,200 ETH, worth $16.7 million at the time of the purchases, according to Lookonchain. 

That FRIEND position is now valued at about $500,000, leaving Huang with losses exceeding $16 million on the token. 

On-chain activity preceding the proposed takeover showed the 11 million FRIEND tokens were moved to wallet 0x3205 five days earlier.

Source: Lookonchain and Machi Big Brother