Influencer Loses $16 Million in Crypto Investment as Token Value Plummets

A recent report from Lookonchain, shared on September 9, highlights that influencer Machi Big Brother has faced severe financial setbacks.

The report details a $16 million loss stemming from his investment in Friend.Tech (FRIEND).

Machi Big Brother invested approximately 5,200 ETH, equivalent to $16.7 million, to acquire 11.1 million FRIEND tokens. However, due to a severe sell-off, the value of this investment has dwindled to just $0.7 million.

This is not Machi Big Brother’s first significant loss with FRIEND. Reports from June indicated that his investment, which began in May, resulted in a $7.9 million loss after spending $15.6 million.

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The decline in FRIEND’s value follows the Friend.Tech team’s recent decision to relinquish control over its smart contracts. On September 8, the management transferred control to an Ethereum null address, signaling a halt in the platform’s ability to perform updates or fix issues.

This move effectively suggests that the platform, which was designed for trading shares of social media profiles, will not see further development or improvement.

Alexander Stefanov