Friend.tech’s Web3 social network token FRIEND surged 1,590% on Thursday, pushing its market cap to $4.89 million from under $300,000 the day before. The rally followed a $1 million buyout offer from Machi Big Brother, the pseudonym of Taiwanese-American trader Jeffrey Huang, who wants to acquire the platform’s X account and URL. Huang had already invested approximately 5,200 ETH in FRIEND, worth roughly $500,000 after the token collapsed, and has reportedly lost over $16 million on this position. The offer comes as Huang maintains heavily leveraged positions totaling nearly $117 million in notional value across Ethereum, Bitcoin, and Hyperliquid, with cumulative losses of $24.72 million.
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