FriendTech, an Ethereum-based social platform, has faced a significant collapse just four months after its token launch. The platform, which once showed immense potential, has seen its $FRIEND token plummet from $2.9 to $0.085. Prominent investor Machi Big Brother lost approximately $16 million after spending $16.7 million worth of Ethereum to buy $FRIEND tokens, which are now valued at only $0.7 million. The platform generated merely $21 in revenue over the past 30 days and has relinquished control of its contracts. Despite rumors of a shutdown, the FriendTech team has denied plans to discontinue the web app, leading to a 55% surge in the $FRIEND token price. However, the creators have reportedly walked away with $44 million as the protocol shuts down. FriendTech accumulated $52.4M and sent 19,477 ETH to Coinbase. The app also experienced its largest volume of trades since the launch of $FRIEND, with more than 99% of the volume being sell-side.