Crypto Whale Suffers Massive 95% Loss on Bet with Friend.Tech Altcoin

In a shocking turn of events, a prominent cryptocurrency whale known as Machi Big Brother has experienced a staggering 95% loss on his investment in the little-known altcoin Friend.Tech ($FRIEND). The whale invested approximately 5,200 Ethereum (ETH), equivalent to around $16.7 million, to acquire over 11.1 million FRIEND tokens, hoping to capitalize on the SocialFi project's potential.

Recent data from on-chain analytics firm Lookonchain reveals that the value of FRIEND has plummeted dramatically over the past year, dropping from a peak of over $3 to a mere $0.08 per token. This decline in value has been attributed to a significant market correction and the waning popularity of the SocialFi platform.

As a result, Machi Big Brother's holdings, which were once valued at nearly $17 million, are now worth approximately $700,000. The drastic fall in FRIEND's price can be linked to the developers' decision to relinquish control over the platform's smart contracts, effectively locking the system and halting any further modifications.

Despite the turmoil, the developers reassured users via a post on the microblogging platform X (formerly Twitter) that the separate web client operated at friend.tech would continue to function normally. They clarified that no fees from the smart contracts or the friend.tech platform currently benefit the development team's multisig wallet.

This incident serves as a stark reminder of the volatile nature of cryptocurrency investments, particularly in lesser-known altcoins. Investors are advised to conduct thorough research and exercise caution when engaging in such high-risk ventures.