Influencer Loses $16 Million in Crypto Investment as Token Value Plummets
10.09.2024 10:00 1 min. read Alexander Stefanov
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.
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.
-
1
Telegram’s Durov Warns of Rising Threat to Privacy as Europe Eyes Encryption Backdoors
22.04.2025 20:00 2 min. read -
2
Bithumb Splits Business as It Eyes Late 2025 IPO
23.04.2025 9:00 1 min. read -
3
Decentralized Protocols Dominate Crypto Lending by End of 2024
15.04.2025 19:00 2 min. read -
4
BlackRock Reports Strong Q1 as Digital Assets Gain Ground Amid Broader ETF Growth
12.04.2025 8:00 2 min. read -
5
eToro Targets $4B Valuation With Planned Nasdaq Debut
07.05.2025 17:00 2 min. read
Binance Founder Calls U.S. Prison ‘Terrifying,’ Shares Life Lessons
Binance founder Changpeng Zhao has broken his silence about his time behind bars, describing the four months he spent in a U.S. prison as one of the most unsettling and eye-opening periods of his life. Speaking in a recent interview with Rug Radio, Zhao recounted the emotional and psychological toll of incarceration. Lacking U.S. citizenship […]
eToro Targets $4B Valuation With Planned Nasdaq Debut
Israeli trading platform eToro is preparing to go public in the U.S., aiming for a valuation of up to $4 billion as it moves to list shares on the Nasdaq under the ticker “ETOR.”
S&P 500 Flashes Rare Pattern, But Market Signals Remain Divided
April brought an unusual twist to the U.S. stock market. The S&P 500 plummeted more than 10% during the month, only to rebound and close within 2% of where it began.
Trump Ties Crypto to U.S. Power Play as Digital Assets Take Center Stage
Cryptocurrency may have existed long before Donald Trump returned to the White House, but under his leadership, digital assets have gone from a fringe technology to a central pillar of U.S. economic strategy.
-
1
Telegram’s Durov Warns of Rising Threat to Privacy as Europe Eyes Encryption Backdoors
22.04.2025 20:00 2 min. read -
2
Bithumb Splits Business as It Eyes Late 2025 IPO
23.04.2025 9:00 1 min. read -
3
Decentralized Protocols Dominate Crypto Lending by End of 2024
15.04.2025 19:00 2 min. read -
4
BlackRock Reports Strong Q1 as Digital Assets Gain Ground Amid Broader ETF Growth
12.04.2025 8:00 2 min. read -
5
eToro Targets $4B Valuation With Planned Nasdaq Debut
07.05.2025 17:00 2 min. read