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”.
Experts foresee this market surging to over $165 billion by 2028, fueled substantially by crypto…
London, UK, March 22nd, 2024, ChainwireMetaWin, a leading platform for online prize-winning games, has introduced…
London, United Kingdom, March 8th, 2024, ChainwireBitcoin Dogs, the first ever ICO on the Bitcoin…
Singapore, Singapore, February 6th, 2024, ChainwireLista DAO, a key player in Decentralized Finance (DeFi) with…
Dallas, Texas, February 5th, 2024, ChainwireNibiru Chain, a general-purpose layer 1 blockchain, has successfully closed…
Grand Cayman, Cayman islands, January 25th, 2024, ChainwireGaming, Ecommerce and DeFi applications are leveraging Sui’s…