Three Arrows buys 156K ETH in the weeks after CEO 'abandoned ETH' By Cointelegraph

Three Arrows buys 156K ETH in the weeks after CEO 'abandoned ETH'

CryptocurrencyDec 08, 2021 01:00AM ET

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Three Arrows buys 156K ETH in the weeks after CEO 'abandoned ETH'

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 slammed the cryptocurrency on Twitter (NYSE:TWTR). Do the purchases mean he's changed his mind, or was he just taking advantage of a market crash to buy the dip?

In an anti-ETH tirade between Nov. 20 and Nov. 22, Zhu tweeted about why he had “abandoned Ethereum despite supporting it in the past.” The thread came in response to a tweet from Synthetix founder Kain Warwick, who’d called out people who have “sold out in pursuit of profit maximization.” During the tweet storm Zhu claimed that Ethereum culture “suffers massively from the Founders’ Dilemma” and that “everyone is already far too rich to remember what they originally set out to do.”

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