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Three Arrows buys 156K ETH within weeks of CEO giving up ETH

Three Arrows buys 156K ETH within weeks of CEO giving up ETH

Just a few weeks ago, CEO Zhu Su berated ETH on his Twitter for its high gas rates and affordability problems. Now his company is buying dip, the Cointelegraph reports. Crypto hedge fund Three Arrows Capital (3AC) has bought more than half a billion dollars worth of Ether in the time since CEO Zhu Su publicly lambasted the cryptocurrency on Twitter. Do these purchases mean he's changed his mind, or has he simply taken advantage of the market crash to buy dip?

Zhu tweeted why he “abandoned Ethereum despite its past support”. The post was a response to Synthetix founder Cain Warwick's tweet calling people “sold out in the pursuit of profit maximization”. During the tweet, Zhu stated that Ethereum culture “suffers greatly from the founders' dilemma” and that “everyone is already too rich to remember what they originally intended to do”.

However, after attracting public attention, he made a U-turn, saying he wanted to “soften” his original position and that “I love Ethereum and what it stands for”. About 156,400 thousand Ether (ETH), or $676.37 million, has been transferred to the wallet, which Nansen, a blockchain analytics company, has linked to 3AC, in the 17 days since the thread appeared. Almost all of the funds deposited into the wallet during this period were transferred from Binance, the FTX exchange or Coinbase. Zhu confirmed the deals earlier today in response to a tweet from Chinese blogger Wu Blockchain, saying that while Ethereum layer-one is still “unsuitable for newcomers”, it would still “make big bets on any panic dump like this weekend”. Wallet shows that 3AC made most of its purchases during the weekend price collapse. When the anti-ETH tweets came out, many Twitter users thought it was trying to pump up rival project Avalanche (AVAX), in which 3AC invested. In response to a user's question about whether buying ETH meant dumping his AVAX assets in favor of ETH, he said that “he never sold AVAX” and simply “bought this ETH from someone who was financially illiterate enough to sell it this weekend”.

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