Skip to main content

Three Arrows buys 156,000 ETH



Just a few weeks ago, CEO Zhu Su criticized ETH on Twitter because the gas fees are very high and the project is not user-friendly. Now his company is buying the decline.


The crypto hedge fund Three Arrows Capital (3AC) has bought more than half a billion US dollars worth of ether ( ETH ) since CEO Zhu Su publicly criticized the cryptocurrency on Twitter. Do the purchases mean he has changed his mind or did he just take advantage of a market crash and buy the decline?


In an anti-ETH tirade between November 20-22, Zhu tweeted why he "gave up Ethereum" despite having supported it in the past. The thread was in response to a tweet by Synthetix founder Kain Warwick who railed against people who "sold themselves to maximize profits." Zhu said the Ethereum culture "suffers massively from the founding dilemma" and "everyone is already far too rich to remember what they originally planned to do".


However, after getting a lot of attention, he rowed back saying he wanted to "tone down" his original stance and that he loved "Ethereum and what it stands for".


Around 17 days of Twitter discussion, around 156,400 ETH worth 676.37 million US dollars were transferred to a wallet that the blockchain analysis company Nansen has associated with 3AC.



Almost all of the funds that flowed into the wallet during this period came from Binance, FTX exchange or Coinbase.


Zhu confirmed the transactions today in response to a tweet from Chinese blogger Wu Blockchain. He stated that Ethereum's Layer One was still "unusable for newbies", but that he would still "be involved in a panic sale like this weekend".


From the wallet it can be seen that 3AC made the majority of its purchases during the price drop over the weekend.


When the anti-ETH tweets became public, many Twitter users believed that he wanted to promote the Avalanche (AVAX) project, in which 3AC had invested, because it is considered to compete with Ethereum. When a user asked if the ETH purchases mean that he has sold his AVAX holdings for ETH, he said that he "never sold AVAX" and that he had "bought this ETH from people who were financially illiterate enough to sell this weekend ".



In early November, Three Arrows Capital was announced as an investor in Blizzard, a fund promoting the development of AVAX. After Zhu's first tweets, AVAX ousted Dogecoin ( DOGE ) from its place as the tenth largest cryptocurrency by market capitalization. Zhu tweeted a chart related to AVAX's growth shortly before his U-turn. The title was "Top 10".


On Tuesday 93791.894 ETH were from the wallet of 3AC to an address shifted , apparently owned by a large trader. Smaller amounts were to other addresses displaced , including 500 ETH to an NFT-investment Wallet.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
Upland - Collect Digital Properties & Test Your Skills
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin...
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne...
Post a Comment
Read more

Bored Ape Yacht Club NFTs stolen through phishing on Instagram

  Bored Ape Yacht Club ( BAYC ) developers announced on Monday that hackers have hijacked the official Instagram page of the popular NFT collection and posted links to a fake airdrop. Crypto enthusiasts who connected their MetaMask wallet to the rogue website subsequently had their Ape NFTs stolen. Apparently, the attack was planned to coincide with the one-year anniversary of the BAYC collection. This increased the "perceived credibility" of the phishing link. About 100 NFTs are said to have been stolen in the phishing attack . According to CoinGecko data , the minimum price for a BAYC NFT is 139 Ether ( ETH ) or $400,726. So if reports are correct, over $40 million worth of NFTs were stolen in the attack. These numbers are only the lowest estimate, however, as they are based on the lowest price.  At the time of writing, it was still unclear how the hackers gained access to BAYC's official Instagram account. Social media users have pointed out the importance of two-fact...
Post a Comment
Read more