Singapore-based hedge fund Three Arrows Capital received $400m worth of Ethereum just two weeks after CEO Su Zhu denounced the crypto.
Etherscan, a Block Explorer and Analytics Platform for Ethereum that allows you to search the Ethereum network for transactions, uncovered a series of movements including an amount of 77,477 ETH within two hours.
Nearly $400 million worth of Ether (ETH) was transferred from cryptocurrency exchanges FTX, Binance, and Coinbase to the wallets of hedge fund Three Arrows Capital (3AC).
Su Zhu, CEO of 3AC, explain the entire incident on twitter. He said that that Ethereum layer 1 is still “unusable” for the new market players and more Ethereum funds will be transferred to the wallets in question in the coming days.
Look I couldn't let you guys jerk off watching the burn without me
Eth L1 still unusable for newcomers, show it to your grandma if you don't believe me
I'll still bid it hard on any panic dump like this weekend obv
100k eth is dust fwiw, more coming
— Zhu Su ? (@zhusu) December 7, 2021
In Nov 21, Su Zhu tweeted that he has “abandoned Ethereum despite supporting it in the past,” referring to the apparent scalability issues that still plague its network.
He further criticize the Ethereum’s culture, saying that it suffers significantly from the “Founders’ Dilemma” and even went on to add that “everyone is already far too rich to remember what they originally set out to do.”
Su Zhu after few hours apologize for using the abandon word, and said that “abandon” was the wrong word choice. After apologizing, the ETH supporter and a Web3 juggernaut went on to talk about the teams working together to scale Ethereum on Layer 2.
Ethereum culture suffers massively from the Founders Dilemma. Everyone is already far too rich to remember what they originally set out to do. Perhaps a bear market is needed to remind them, or perhaps we must build elsewhere, but this is what it is–nothing new under the sun.
— Zhu Su ? (@zhusu) November 21, 2021
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