Crypto social media platform Friend.tech faced significant backlash after deciding to transfer control over its smart contracts to Ethereum’s null address. The platform’s native token, FRIEND, plummeted by over 42%, reaching its all-time low price.
Friend.tech, a Social Finance (SocialFi) platform, allows creators to monetize content via tradeable tokenized shares. Following the controversial decision, investors expressed strong discontent, further fueled by past issues like a problematic airdrop and the announcement of a new blockchain, Friendchain.
The crash led an ETH whale, Taiwanese personality Machi Big Brother, to suffer a 95% drop in investment, losing nearly $16 million on FRIEND tokens. Machi had purchased tokens between May and August at an average price of $1.125. The token's value has declined over months, hitting an ATL of $0.0574.
Since then, the FRIEND token has shown slight recovery, trading at $0.0761 with a 2.1% surge in the last 24 hours. Despite the rebound, the whale's holdings still face substantial unrealized losses.
