Yes, I have two friends, who had the same behavior as your friend, but when they are in that process they don't tell anyone, sometimes I tell them 'why didn't they share it with us who are their friends?' So they could have done better, two heads are better than one, but there are people who are like that, they change and things may go in their favor and yes, they improve their lives, that is something that at least I like, but if they are friends, I think they have to share, those two friends won $500k, that's why I think things are not that different from what happened to you with your friend.
In fact, those two friends of mine later made many investments in Alts and lost almost everything, and that's why I told them not to invest there, but when they have a lot of money they think they know a lot and that's not the case, they don't even listen to the advice of others, it's Something very sad is what happened to my friends, but one cannot be self-sufficient.