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Police say a body found at Rottingdean Sunday morning is likely to be that of Dan Nicholls, one of the two friends swept out to sea.
The body of the other man, Freddie Reynolds, was washed up at Saltdean Saturday afternoon.
DCI Carwyn Hughes said: "Dan's family has been informed and have yet to make a formal identification but it is likely to be Dan. We are supporting them in what has been a horrendous weekend for all those involved. Our search is now suspended while identification is confirmed."
The pair had been for a night out with friends to say 'goodbye' to one of them who was emigrating.
Mr Nicholls, 23, was knocked off his feet by a wave when he stood at the water's edge for a dare.
His family said they would remember him as "a gentleman with a real enthusiasm for life".
His old school friend Freddie Reynolds, 24, died trying to save him. Mr Reynolds family described their son as "a brilliant and loyal friend who people loved to be around".
The friends were swept out to sea near Brighton Pier at around 1am Saturday morning.
The coastguard helicopter scanned the area with thermal imaging equipment. The lifeboats from Shoreham and Newhaven carried out a thorough sea search and coastguards checked out nearby beaches.
Conditions were so rough the crew of the Brighton Inshore Lifeboat decided it was too dangerous to launch from their base at the Marina.
The search was stood down after four hours. The coastguard controller described the conditions as "awful". He said it was pitch black with extremely choppy seas.
The Newhaven Coastguard Facebook page said: "Despite our very best efforts in unforgiving weather conditions we were unable to locate either of the missing persons and the teams were stood down shortly before 6am."