Friend.tech Eyes Potential Revival as Huang Licheng Makes $1M Proposal
Friend.tech is back in the crypto spotlight after Huang Licheng, who is known online as “Machi Big Brother”, announced plans to make a $1 million offer to buy the project and push for its revival. His proposal came as reports put Friend.tech’s value at less than $300,000, while the FRIEND token reacted with a rise after the news.
There are reports that suggest Huang offering Racer and Paradigm a $1 million budget to restart Friend.tech. He proposed a plan for a community takeover (CTO) and a relaunch of the FRIEND token. Machi stated in the post that he could come back as chief technology officer of the platform. Friend.tech, which originally launched as a social platform aimed at crypto and online communities, later shut down.
$1 Million Offer Puts Friend.tech Back in Focus
Huang’s proposal aims to take control of Friend.tech and relaunch the project. With Friend.tech’s value reportedly under $300,000, he put up a $1 million acquisition offer to Racer and Paradigm. The deal could reboot the project and could provide a significant momentum to the FRIEND token. Huang also said he was ready to resume his CTO role, putting him back in charge of the technical side if the relaunch moves forward.
But none of this is final yet, Racer and Paradigm have not responded publicly to Huang’s offer, and there is no confirmed transfer of ownership or agreement to restart under his plan. The gap between Friend.tech’s reported market value and Huang’s $1 million offer has attracted attention. The project is not worth more than $300,000, however, the buyout proposal is over three times higher.
FRIEND Token Surges on Acquisition News
The FRIEND token saw the biggest and fastest reaction. After the acquisition proposal went public, FRIEND’s market value rose from about $300,000 to around $5 million. Another source said FRIEND peaked at a market value of $6.4 million, with its highest market cap reaching $9.9 million. Data cited from GMGN chart showed market cap reaching $9.92 million before dropping back to around $5.88 million. This was enough for some outlets to call it a tenfold surge. All this happened before the acquisition proposal was even confirmed.
At the time of writing, the price of the FRIEND token in the last 24-hours is up by 1750.3% and is trading at $0.0541 as per CoinGecko.
Huang’s own trading has come under scrutiny too. According to one report, he bought about $500 worth of FRIEND on August 24, when the token was valued around $400,000. The same source said that on August 22, he transferred a $2,200 FRIEND position to public wallet address 0x0bd4887f7d41b35cd75dff9ffee2856106f86670. With the timing of this transaction, the crypto industry is wondering if Huang bought FRIEND before announcing his takeover proposal. In response, Huang said he wasn’t planning to pay for Friend.tech by selling tokens.
Acquisition Still Remains Unconfirmed
Even though this news has led to significant rally with the price of the token and there have been significant market reactions, the $1 million buyout is just a proposal for now. Racer and Paradigm have not accepted the offer, and there is no sign the deal has gone through. A lot of questions still remain: Will ownership change hands? Will Huang actually return as CTO? What happens to the FRIEND token if the project restarts?
For now, the market has reacted strongly to Huang’s announcement. FRIEND moved from a $300,000 valuation to several million and almost reached $10 million. With a single $1 million proposal, Huang has turned what was basically an inactive project into a topic of discussion in crypto. Now, everything depends on whether Racer and Paradigm respond and whether the community takeover turns into a real deal. Until then, the $1 million acquisition remains just a public proposal, not a completed purchase.
