Singapore-based venture capital fund Three Arrows Capital (3AC) bought 91,477 ETH in the fall of the market for about $ 400 million. Two weeks earlier, the CEO of the firm, Su Zhu, criticized the cryptocurrency for high fees.
On November 21, Su Zhu announced that he was giving up Ethereum “despite having supported it in the past.” Newbies cannot afford to use blockchain due to the high transaction costs, he added.
From about this moment on purse, labeled by Nansen as owned by 3AC, received about 156,400 ETH, most of which came after the sharp market correction on December 4.
Almost all coins of the coin were transferred from the wallets of the Binance, FTX and Coinbase exchanges.
Zhu confirmed the transactions to journalist Colin Wu.
“Ethereum at the first level is still unusable for newbies, show it to your grandma if you don’t believe it. But I will try to participate in any panic dump like this weekend. 100,000 ETH is dust, however. There will be more”, – wrote he.
Even after the criticism, Zhu softened his position, stating that “refusal is the wrong word.” Chapter 3AC acknowledged that he got excited and there are “great teams” working on tier 2 scaling solutions. According to him, he would like to see a roadmap for the first iteration of the network.
Recall that in early December, Ethereum co-founder Vitalik Buterin published a “likely roadmap” for the development of the main cryptocurrency network.
Previously, he proposed a method to reduce transaction costs for second-tier solutions.
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