Crypto investor Machi Big Brother has pulled his $1 million bid for Friend.tech and named venture firm Paradigm as the likely obstacle.

Instead, he urged co-founder Racer to relaunch the Web3 social app on Robinhood Chain. The reversal comes nine days after his original offer, sending FRIEND up more than 1,500%.

Machi Big Brother Friend.tech Bid Collapses After 9 Days

Machi Big Brother, whose real name is Jeffrey Huang, opened the bid on Aug. 27. His $1 million buyout offer asked only for the project’s X account and web address.

Friend.tech launched on Base in 2023, allowing users to trade shares with each other. Paradigm led a seed round into the startup that same year.

However, Huang offered no evidence and framed the claim as a guess. He also has a history here. He bought 11 million FRIEND for roughly 5,200 ETH, and the position later shed over $16 million.

The original team gave up control of the smart contracts in September 2024. Therefore, it remains unclear what a buyer would own.

The FRIEND token price now sits near $0.0069, up roughly 5% in the past 24 hours. Its market value of about $659,000 trails the $4.89 million peak from the August rally. Over 90 days, however, the token still holds a 382% gain.

Robinhood Chain Emerges as Racer’s Next Option

Huang closed his post with a pivot. He told Racer to rebuild the app on Robinhood Chain and promised his backing.

Robinhood Chain went live on July 1 as an Arbitrum-based layer-2 network. Since then, it has surpassed Ethereum in volume on decentralized exchanges and absorbed heavy meme-coin flows.

Meanwhile, that mix worries some analysts. Jon Ma of Artemis warned that the meme coin boom risk could undercut Robinhood’s tokenized-stock ambitions.

FRIEND held its 24-hour gain despite the withdrawal. Racer had not responded publicly by Saturday afternoon, and his answer will decide whether Friend.tech returns.

Source: BeInCrypto