Renowned crypto influencer Machi Big Brother incurred a substantial loss of $16 million after investing $17 million in Friend.Tech (FRIEND) tokens. The initial investment of 11.1 million FRIEND tokens, purchased for 5,200 ETH (approximately $16.7 million), plummeted in value to $0.7 million following a sudden sell-off. This significant loss was precipitated by the Friend.Tech team's unexpected decision to relinquish control of their smart contract, effectively ceasing operations within a year of launch. The drastic decline in FRIEND token value underscores the inherent risks and volatility of the cryptocurrency market.
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Friendtech Rugged.

Here's the story of how friendtech became the #1 SocialFi app.
And how it experienced a downfall for the history books 🧵👇
(1/16)

Part 1: The early days.
0xRacer and Shrimppepe founded friendtech in August 2023.
It was during the bear market. The timeline was boring.
(2/16)

The concept was exciting:
Connect your X account.
Buy "shares" of your friends for access to an exclusive group chat. For each purchase and sale of your shares, you receive 5%.
The more shares, the more expensive they get.
(3/16)

Through this, friendtech had viral moments early on.
And "influencers" were incentivized to push it: Five to six figures in trading fees were not impossible for mid-sized creators.
And don't forget the invite codes.
(4/16)

Part 2: The Ponzi.
Friendtech changed the name from "shares" to "keys".
And quickly evolved from a simple SocialFi app to advanced trading.
Bots that sniped keys immediately after an account was created and a new strategy became the talk of the town:
(5/16)
The strategy was called (3,3), based on game theory.
The concept: I buy your key, you buy mine. We both make money.
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Part 3: The peak.
This was another reason why top keys were suddenly worth >5 ETH.
Onlyfans models created accounts.
And for a moment it looked like friendtech really had product-market fit.
(7/16)

During this time, not only the top creators made a big bag, but also the team.
More than $60M USD in total fees.
Creators promised their key holders wild things, one even created a leaderboard for the top key holders and promised to split his airdrop between them.
(8/16)

Numerous copy cat platforms were created on other chains: Solana had friendzy, Avax had StarsArena.
People said it has the "potential to become the next Instagram".
And for a moment, it seemed to go up forever.
(9/16)

Part 4: The downfall.
Over time, however, interest waned.
Less activity, attention shifted, the only thing keeping it alive was the hope of an airdrop.
In early 2024 friendtech was nothing more than a distant memory for most.
(10/16)

The airdrop was a long time coming and after months of waiting it became more and more of a meme.
Trading volume on friendtech and key prices fell sharply.
Nobody was interested anymore.
(11/16)
Part 5: The end.
Then, in early May 2024, the airdrop actually happened.
Expectations were high after Paradigm - a VC famous for pumping tokens to big valuations - was announced as one of the investors.
(12/16)

All attention was on friendtech again. At least for a few days.
The FDV at launch was $1.5B USD and it actually ran to $2.5B USD.
But most instantly sold their airdrop and moved on.
A race to zero quickly began.
(13/16)

Together with the airdrop, friendtech shipped a product upgrade.
TLDR: "Clubs", which are linked more to topics than to creator.
But although some influencers bullposted it, there was never any real interest.
(14/16)

Yesterday, friendtech announced its end after a continued fall into irrelevance. Tokens and keys are now basically worthless.
(15/16)

Did you use friendtech? What can we learn from their downfall?
Let me know in the COMMENT.
That's it for today folks,
Thanks for reading! For more insightful crypto content,
Follow Me @Crypto PM
Stay updated with the latest trends and analyses in the crypto world!

#Friend.tech前景预测 #FriendTech #friend.tech #scamriskwarning

Cryptocurrency influencer Machi Big Brother lost $16 million on a $17 million investment in Friend.Tech (FRIEND) tokens. Initially purchasing 11.1 million FRIEND tokens for 5,200 ETH ($16.7 million), the investment's value plummeted to $0.7 million following a sell-off. This loss followed a decision by the Friend.Tech team to abandon their smart contract control, effectively ceasing operations within a year of launch. The FRIEND token's value has significantly dropped, highlighting the risks and volatility in the cryptocurrency market.
#friend.tech #friend