Crypto Trader And Influencer Machi Big Brother Loses $16 Million Betting On Friend.Tech

Pseudonymous Trader Loses $16 Million in Friend.Tech Investment

Crypto trader and influencer Machi Big Brother has incurred a $16 million loss after investing in the SocialFi project Friend.Tech (FRIEND).

On-chain tracking platform Lookonchain reported on September 9 that Machi Big Brother had acquired 11.1 million FRIEND tokens at a cost of around 5.2K Ethereum (ETH) or $16.7 million. However, as of the time of the report, the total value of the investment had plummeted to $0.7 million.

Although FRIEND has surged by over 61% in the past 24 hours, Machi Big Brother's losses from the bet on the token remain substantial. At 3:33 a.m. EST, the token was trading at $0.0986, bringing the dollar value of the trader's FRIEND tokens to over $1 million.

Despite the recent surge, FRIEND remains down by more than 90% over the past year, according to data from CoinMarketCap.

FRIEND's Price Plunge

FRIEND's price decline is attributed to a series of decisions made by the project's team, including the decision to relinquish control of the token's smart contract to the Ethereum null address. This action effectively removes any possibility of the team regaining control and fixing bugs or introducing new features in the future.

In an attempt to reassure investors, the Friend.Tech team stated that it has no plans to discontinue the project's web app and that the transfer of ownership to the null address was intended to prevent the creation of new fees in the future.