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Cryptocurrency fund Three Arrows Capital bought ETH for $ 676 million after the fund’s CEO Su Zhu said he was disappointed in Ethereum and stopped supporting the project.
In November, Su Zhu posted a series of messages on Twitter, in which he expressed the opinion that the developers of Ethereum forgot about the main purpose of their project after becoming rich. The fund even transferred 18,000 ETH to the wallet of the FTX cryptocurrency exchange, however, it seems that the Three Arrows management changed their mind and the firm began large-scale purchases of ether.
In the 17 days since Zhu posted on Twitter, 156,400 ETH have been received by Three Arrows, mostly from wallets FTX, Coinbase and Binance. Now these coins are no longer at this address – they were transferred to addresses previously unknown to analysts.
Su Zhu himself confirmed the fund’s purchases of ETH. Ethereum is still unusable by newbies, he said. However, this does not mean that he considers the second cryptocurrency to be rubbish.
“I still have a lot of faith in ETH and buy it in panic selling like this weekend. By the way, 100,000 ETH is just the beginning, we will buy more. We were just buying ether from people who are so financially illiterate that they sell coins, ”said the CEO of Three Arrows.
Note that in November, the company invested in a Blizzard fund focused on Avalanche projects. The Avalanche network is positioned as a faster and cheaper equivalent of Ethereum.
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