Machi Big Brother Proposes $1 Million Buyout of Friend.
Tech, Sparking Token Rally
Machi Big Brother has put forth a $1 million offer to acquire the struggling Friend.Tech platform, aiming to relaunch its native FRIEND token. The proposal, made on August 27, targets the project’s current holders, Racer and Paradigm, with the goal of revitalizing the stalled venture.
The announcement immediately sent the FRIEND token soaring, but it also reignited scrutiny over Machi’s substantial personal losses on the token and the viability of his plan to revive the project.
In a social media post on Wednesday, Machi Big Brother stated that Friend.Tech’s market capitalization was below $300,000 prior to his buyout offer. “I’m offering a 1 mil usd buyout offer to Racer and @paradigm. We can CTO relaunch $FRIEND,” he wrote.
The proposal dramatically impacted the token’s trading activity. CoinGecko data indicated that FRIEND had surged by over 1,600% in the 24 hours leading up to this report, trading near $0.06. This followed a period where the token had dipped as low as $0.0025 in the preceding 24 hours, before reaching a high of approximately $0.10. Trading volume also saw an explosive increase, climbing to about $5.3 million over 24 hours, a staggering 94,831% jump from the previous day.
Longer-term performance showed even more dramatic gains, with the asset increasing by over 2,600% from its price a week prior and nearly 3,400% over 14 days. Within a month, FRIEND had appreciated by almost 3,300%, though these figures are subject to significant fluctuations due to ongoing volatility.
Machi’s involvement with FRIEND is marked by a significant financial history. According to data from Lookonchain, he previously invested approximately 5,200 ETH, valued at $16.7 million at the time, to acquire around 11 million FRIEND tokens. These tokens had diminished in value to just $500,000 when Lookonchain reported the figures, resulting in a loss for Machi exceeding $16 million.
Further details emerged regarding Machi’s recent activity. Lookonchain noted that he had transferred the 11 million FRIEND tokens to a wallet identified as 0x3205 just five days before announcing his $1 million offer. However, Machi denied any suggestion of selling the tokens, describing the receiving address as his “new fomo wallet.”
Friend.Tech launched on the Base blockchain in August 2023, initially attracting users with a novel system that allowed trading of access to influencers’ feeds. However, user activity significantly waned after its initial surge in popularity.
As previously reported, the development team transferred control of Friend.Tech’s smart contract to Ethereum’s null address in September 2024, effectively preventing any future modifications to its fees or functionality. This decision followed a dramatic decline in platform revenues, with reported fees falling to as low as $71.
The FRIEND token also experienced a severe downturn during this period, reaching an all-time low. Consequently, Wednesday’s rally must be contextualized against this substantial collapse; even with the recent gains, the token remains over 98% below its all-time high.
Machi’s proposal has placed the project in a peculiar situation: a token that had largely faded from traders’ attention is now experiencing millions of dollars in daily turnover, while the individual championing its revival has already incurred millions in losses from a prior investment. It remains to be seen whether this bid will materialize into an actual acquisition.
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