Suspected insider buys 2 million FRIEND tokens before a 30x price surge, earning $46K

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According to MarsBit, on August 28, a wallet suspected to be an insider, 0x2078, purchased 2 million FRIEND tokens for 1.88 ETH (~$4,700) prior to a 30x price increase. The wallet later sold all tokens for 20.25 ETH (~$50,800), realizing a profit of 18.37 ETH (~$46,000). This occurred after Machi announced a $1 million offer to acquire Friend.tech, triggering sharp price fluctuations in FRIEND. The ETH price remained relatively stable during the event, with analysis showing no direct correlation to broader market movements.

Huo Xing Finance reports that on August 28, according to Lookonchain monitoring, after Machi (@machibigbrother) made a $1 million offer to acquire Friend.tech, the FRIEND token price surged nearly 30-fold. A wallet suspected to belong to an insider, 0x2078, which had been inactive for six months, purchased 2 million FRIEND tokens for 1.88 ETH (approximately $4,700) just before the price rally. The wallet then sold all its tokens for 20.25 ETH (approximately $50,800), realizing a profit of 18.37 ETH (approximately $46,000)—nearly a 10x return. Previously, Machi had lost over $16 million on FRIEND tokens. Following the announcement of this acquisition, the price of FRIEND experienced significant volatility.

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