Huang Licheng withdraws Friend.tech bid, backs Robinhood Chain restart

The withdrawal signals that even well-capitalized buyers may face structural pushback from protocol backers, making deal certainty a key risk in social-fi M&A. The pivot to Robinhood Chain suggests infrastructure alignment may outweigh standalone platform value, which could influence where similar distressed assets seek refuge. The open question is whether Paradigm's alleged role becomes a precedent for investor veto power over founder-led exits, and whether Friend.tech's user base follows a restart or disperses.