Three Arrow Capital buy up $400m of ETH despite dismissing Ethereum

Singapore-based hedge fund Three Arrows Capital Ltd received $400m worth of Ethereum just two weeks after CEO Su Zhu denounced the crypto.

Etherscan, a blockchain explorer that allows you to search the Ethereum network for transactions, uncovered a series of movements including an amount of 77,477 ETH within two hours.

Large amounts of Ethereum was transferred from FTX, Binance, and Coinbase to the wallet of Three Arrow Capital.

An explanation for the mass purchase of the cryptocurrency was the major dip of the market with Ethereum suffering in the past week.

Su Zhu, CEO of Three Arrows Capital, was particularly vocal of late regarding his decision to abandon Ethereum and he was quick to respond to the tweet disclosing the hedge fund’s purchase.

“ETH L1 [is] still unusable for newcomers, show it to your grandma if you don’t believe me,” Zhu expressed.

“I’ll still bid it hard on any panic dump like this weekend obviously.”

Zhu’s initial explanation for abandoning Ethereum was due to its high gas fees and claimed “everyone is already far too rich to remember what they originally set out to do”.