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FRIEND jumps after Machi Big Brother bids $1 million for friend.tech

The buyout offer came after friend.tech trading contracts were moved to Ethereum’s null address in September 2024, leaving the existing contract unable to be changed or redirect fees.

Reported · Written up by our desk · Altcoins

The Taiwanese trader and poster known as Machi Big Brother offered $1 million to buy friend.tech from co-founder Racer and venture firm Paradigm, according to The Defiant.

The post followed a technical lock-in at friend.tech, where the project’s dev team transferred ownership of the app’s trading contracts to Ethereum’s null address in September 2024. The report says the FriendtechSharesV1 contract’s owner() function still returns all zeros, preventing anyone from changing the code or redirecting fees.

FRIEND, a related token, surged sharply after the bid, rising about 28 times within an hour from roughly $0.0031 before the post. It later pulled back, trading around $0.0219 at its deepest point in the Base FRIEND/WETH pool, where liquidity was about $264,757.

The Defiant also said friend.tech charges a 10% fee on each “key” trade, and that while the app historically generated $2.27 million in daily fees at its peak, recent daily fees have been minimal. It cited DefiLlama figures showing the app has taken $64.31 million in fees and $32.06 million in revenue over its life, while no protocol revenue has been credited in the past week, meaning most proceeds go to key holders.

Latest closeEthereum $2,503.32 ▼0.1%

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