Machi Big Brother Pulls Back $1 Million Acquisition Offer for Friend.tech
Cryptocurrency investor Machi Big Brother, also known as Jeffrey Huang, has officially withdrawn his $1 million acquisition proposal for the decentralized social platform Friend.tech. The bid had sparked a rapid surge in Friend.tech’s native token, FRIEND, pushing its price up by more than 1500% over nine days. Huang attributed the deal’s collapse largely to resistance from early investor Paradigm.
Details of the Offer and Investment Background
The acquisition bid, initiated on August 27, 2026, proposed control over Friend.tech’s X (formerly Twitter) account and website domain only. Friend.tech, launched in 2023 on the Base blockchain, allows users to buy and sell individual stock tokens. Paradigm led its seed round the same year.
Huang holds 11 million FRIEND tokens, originally acquired at approximately 5,200 ETH, a holding that has since depreciated by over $16 million. In September 2024, Friend.tech’s development team relinquished control over its smart contracts, adding uncertainty around the exact asset rights a buyer would obtain. As of now, FRIEND tokens have gained about 5% over the past 24 hours, trading at $0.0069 with a market capitalization near $659,000—significantly below the $4.89 million high recorded in August but reflecting a 382% increase over the last 90 days.
Proposal to Migrate to Robinhood Chain
Following the withdrawal, Huang urged Friend.tech founder Racer to consider relocating the platform to Robinhood Chain, an Arbitrum-based Layer 2 network launched on July 1, 2026. Robinhood Chain has quickly surpassed Ethereum in decentralized exchange (DEX) volume, drawing substantial meme coin liquidity.
While some analysts express concern that meme coin volatility may challenge Robinhood’s plans for tokenized stocks, Racer has yet to respond publicly to Huang’s suggestion. The founder’s decision could determine both Friend.tech’s future trajectory and its potential for a successful relaunch.