Crypto hedge fund Three Arrows Capital (3AC) has acquired over half a billion worth of ETH following the rant of Zhu Su, its CEO, on Twitter, in which it put ETH on blast.
Between November 20th and 22nd, Zhu wrote on Twitter that he had “abandoned Ethereum despite supporting it in the past.” Among the things he’d mentioned was the claim that the 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.”
But after going viral, he changed his mind and said “I love Ethereum and what it stands for.”
In the less than three weeks following the tirade, about 156,400 ETH ($676.37 million) were transferred to a wallet that is associated with 3AC, according to Nansen, a blockchain analytics company. The majority of the funds that entered the wallet were transferred from Coinbase, Binance, and FTX.
Zhu corroborated that the transactions were true by claiming that even if Ethereum layer-one continues to be “unusable for newcomers,” he’d still “bid hard on any panic dump like this weekend.”
Data from the wallet indicates that 3AC made the most of the purchase during the weekend when the price dropped.
Following the anti-ETH tweets, it was believed that Zhu was working on pumping Avalanche, an Ethereum rival, in which 3AC invested. Asked if the buying of ETH now means that he dumped the AVAX holdings, Zhu responded by saying that he has “never sold AVAX” and just “bought this ETH from whoever was financially illiterate enough to sell this weekend.”
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