3 Arrows Capital, a crypto hedge fund (3AC), has bought more than half of a billion dollars worth Ether since CEO Zhu Su slammed the cryptocurrency on Twitter. Are these purchases a sign that he has changed his mind or were he just taking benefit of the market crash to purchase the dip?
Zhu launched an anti-ETH tirade on Nov. 20-22, tweeting about why he “deserted Ethereum regardless of having actually supported it in the past”. This was in reaction to Kain Warwicks tweet that declared that Ethereum culture is “suffering enormously from The Founders Dilemma”, which everybody is “far too rich to keep in mind the initial purpose of their efforts.”
You people could not just enjoy the burn without me EthL1 still unattainable for newbies. Program it to your grandma, if you dont think me. Ill still bid everything on any panic dump such as this weekend obv 100k, more coming
— Zhu Su (@zhusu) December 7, 2021
Practically all funds that got in the wallet in this period were moved to Binance, FTX or Coinbase.
Within the last 17 days, approximately 156.400 thousand Ether (ETH), or $676.37 Million, have actually been moved to a wallet Nansen, a blockchain analytics firm, has associated with 3AC.
Zhu verified transactions today in reaction to Wu Blockchains tweet. Wu Blockchain specified that Ethereum layer-one was still “unusable” for beginners, but he would still “bid tough” on panic dumps like this weekend.
After bring in wide attention, however, he chose to alter his initial stance, saying that he desired “to soften” it and that he enjoyed Ethereum and all that it meant.
3AC bought the largest number of purchases on weekends during the price crash, according to the wallet.
Three Arrows Capital was called as an investor in Blizzard (a fund that supports the advancement of AVAX) in early November. Zhus preliminary tweets were followed by AVAX pushing out Dogecoin( DOGE) from its position as the 10th largest crypto market capitalization. Zhu tweeted a picture of AVAXs development, captioned “leading ten” just hours prior to his Uturn.
Lots of Twitter users thought he was trying pump Avalanche (AVAX), a competing task that 3AC had bought, when he published anti-ETH tweets. Reacting to a question from a user about whether ETH purchases were a sign that he had offered AVAX, he mentioned that he merely purchased ETH from “whoever was financially illiterate enough” to sell it this weekend.
Yes, I have actually quit on Ethereum regardless of having supported it in the past. Yes, Ethereum has abandoned its users, regardless of having supported them in the past. It is gross to picture relaxing and seeing the burn while cooking up pureness test solutions, when no beginners have the ability to manage the chain.
— Zhu Su (@zhusu) November 21, 2021
Related: Three Arrows Capital executives release NFT Fund
Yes, I have actually given up on Ethereum in spite of having supported it in the past. Yes, Ethereum has abandoned its users, regardless of having actually supported them in the past.
Today at 23:34 UTC, 93.791.894 Ether was transferred from wallet coming from 3AC, to an address which appears to come from major traders. Other addresses have actually received smaller quantities, consisting of 500 Ether that was transferred to an NFT investment wallet.
Three Arrows Capital was called as a financier in Blizzard (a fund that supports the advancement of AVAX) in early November. Zhus preliminary tweets were followed by AVAX pressing out Dogecoin( DOGE) from its position as the 10th biggest crypto market capitalization. Zhu tweeted an image of AVAXs growth, captioned “top ten” just hours before his Uturn.