According to Lookonchain, after Machi incurred losses exceeding $16 million on FRIEND, he proposed acquiring Friendtech for $1 million, causing FRIEND to briefly surge nearly 30-fold. A suspected insider wallet, after being inactive for six months, spent 1.88 ETH to purchase 2 million FRIEND tokens, then sold them at a higher price for 20.25 ETH, realizing a profit of 18.37 ETH—approximately $46,000—with returns nearing 10x.
A suspected insider wallet purchases 2 million FRIEND tokens before a 30x surge, earning 18.37 ETH.
TechFlowShare
Summary
A suspected insider wallet spent 1.88 ETH to purchase 2 million FRIEND tokens after six months of inactivity. The wallet later sold them for 20.25 ETH, earning 18.37 ETH (approximately $46,000) during a 30x price surge tied to Machi’s $1 million FriendTech acquisition proposal. The ETH price experienced a notable spike amid the token’s rapid rise. This trade underscores the potential for significant gains in speculative markets, with ETH analysis revealing increased on-chain activity in DeFi projects.
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