According to ME News, on August 28 (UTC+8), Lookonchain monitoring revealed that after suffering losses of over $16 million on FRIEND, Ma Ji Da Ge placed a $1 million bid to acquire Friendtech, driving the price of FRIEND up nearly 30-fold. A wallet suspected to belong to an insider (0x2078...0929), which had been inactive for six months, spent $4,700 to purchase 2 million FRIEND tokens. After the price surge, the wallet sold its 2 million FRIEND tokens for 20.25 ETH ($50,800), realizing a profit of 18.37 ETH ($46,000)—a return of nearly 10x. (Source: ODAILY)
Suspected insider buys FRIEND for 10x return amid price surge
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Summary
A suspected insider wallet (0x2078...0929) purchased 2 million FRIEND tokens for $4,700 on August 28 (UTC+8), following six months of inactivity. The wallet later sold the tokens for 20.25 ETH ($50,800), realizing a profit of 18.37 ETH ($46,000). Both ETH and crypto prices experienced sharp movements as FRIEND surged after Friendtech acquired $1 million worth of the token.
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