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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.

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