Machi Big Brother Drops $1 Million Bid for Friend.tech Amid Paradigm Obstacle

Machi Big Brother, an experienced crypto investor whose real name is Jeffrey Huang, made headlines recently when he bid $1 million for Friend.tech. However, just nine days after submitting his offer, Huang pulled out of the deal, citing a likely obstacle in venture firm Paradigm.

The sudden reversal sent the price of FRIEND tokens soaring over 1,500%. Huang's original offer was made on August 27, and it appears that he is now urging the co-founder Racer to relaunch Friend.tech on Robinhood Chain instead.

Friend.tech launched on Base in 2023 as a Web3 social app, allowing users to trade shares with each other. Paradigm led a seed round into the startup that same year. However, it remains unclear what a buyer would own due to the original team giving up control of the smart contracts in September 2024.

Despite the withdrawal from the deal, Huang still expressed his support for Friend.tech and urged Racer to relaunch on Robinhood Chain. He also warned that he believes Paradigm is blocking his offer.