Only a few weeks ago, CEO Zhu Su was once blasting ETH on Twitter for excessive fuel prices and accessibility issues. Now, his organisation is buying the dip.
Crypto hedge fund Three Arrows Capital (3AC) has offered greater than 1/2 a billion bucks really worth of Ether in the time for the reason that CEO Zhu Su publicly slammed the cryptocurrency on Twitter. Do the purchases imply he changed his mind, or used to be just taking benefit of a market crash to purchase the dip?
In an anti-ETH tirade between Nov. 20 and Nov. 22, Zhu tweeted about why he had “abandoned Ethereum no matter aiding it in the past.” The thread came in response to a tweet from Synthetix founder Kain Warwick, who’d known as out humans who have “sold out in pursuit of income maximisation.” During the tweet storm Zhu claimed that Ethereum culture “suffers massively from the Founders’ Dilemma” and that “everyone is already a long way too rich to understand what they at the beginning set out to do.”
However, after attracting large attention, he made a U-turn saying he wanted to “soften” his unique stance and that “I love Ethereum and what it stands for.”
In the 17 days or so since the threads, approximately 156,400 thousand Ether (ETH) or $676.37 million has been transferred to a wallet that blockchain analytics association Nansen has associated with 3AC. Almost all the money coming into the pockets at some point of this period have been transferred from Binance, FTX trade or Coinbase.
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
Zhu validated the transactions earlier these days in response to a tweet from Chinese blogger Wu Blockchain, pronouncing that even though Ethereum layer-one is nonetheless “unusable for newcomers,” he’d still “bid hard on any panic dump like this weekend.”
The pockets show 3AC made the majority of its purchases during the weekend price crash.
When the anti-ETH tweets emerged, many Twitter customers believed he was trying to pump rival task Avalanche (AVAX), which 3AC has invested in. In response to a consumer asking if the ETH purchases supposed he’d dumped his AVAX holdings for ETH, he said that he has “never bought AVAX” and surely “bought this ETH from whoever was once financially illiterate enough to sell this weekend.”
In early November, Three Arrows Capital was announced as an investor in Blizzard, a fund to promote the improvement of AVAX. Following Zhu’s initial tweets, AVAX pushed out Dogecoin (DOGE)
from its spot as the 10th-largest crypto by using market capitalization. Zhu tweeted a design of AVAX’s increase captioned “top 10” in the hours earlier than his U-turn.
Yes I have abandoned Ethereum despite supporting it in the past.
Yes Ethereum has abandoned its users despite supporting them in the past.
The idea of sitting around jerking off watching the burn and concocting purity tests, while zero newcomers can afford the chain, is gross.
— Zhu Su 🔺 (@zhusu) November 21, 2021
At 23:34 UTC today, 93,791.894 Ether used to be moved from the pockets belonging to 3AC to a tackle that seems to belong to a predominant trader. Smaller quantities have been moved to other addresses, along with five hundred Ether moved to obvious NFT funding pockets shortly.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.