The Three Arrows Capital is a Singaporean hedge fund management enterprise that offers risk-adjusted returns. Last month, TAC CEO, Su Zhu thrashed the Ethereum network on social media. His actions were reflected to match the activity on Etherscan. Etherscan is an explorer and analytics aggregator for the Ethereum network.
As pointed out by Nansen, an on-chain blockchain data collector that ATC wallet transferred 17,895 ETHs to FTX exchange. The transfer was performed at the same time, two weeks ago when Zhu posted abrasive remarks about the Ethereum network on his Twitter account. At the time, 17,895 were valued at $79.23 million per the market value of ETH. The investors following ATC become confident that Zhu was trying to sell the ETH reserves.
Three Arrows Capital CEO Claims that Ethereum Network has Abandoned its Users
Sun Zhu took to his Twitter account to share a massive rant about Ethereum network issues. He posted that the ecosystem has abandoned its followers despite providing them support in the past. He said in one complaint post that Ethereum layer 1 has become useless for the newcomers and called it an outdated technology.
He went on to bet that owning 100k ETH is going to produce negligible returns. However, Nansen shows that the ATC wallet has proceeded to add 91,477 ETH valued at $400 million yesterday. The ETH purchase was sourced from exchanges like Binance, Coinbase, and FTX exchange. The digital wallet identified as The Arrow Capital was purchased within two hours.
ATC CEO, Sun Zhu went on to rant on social media about the high transaction fee issues faced by Ethereum traders. He claimed that the investors have to pay gas fees ranging from $100 to $1K to enjoy the vision of the future offered by the Ethereum network. His posts managed to gather a lot of attention on social media and many investors reported that they have liquidated their ETH holdings following Zhu’s example.
However, it turns out that ATC has no plans to get rid of its ETH holdings yet. The recent purchase of ETH shows that the company has benefitted from massive returns from its ETH investment. Zhu revealed at one point that his targets listed in Q1 2019 have been achieved including ETH profit projections. He also advised his followers to never dump their entire crypto holdings into USD on impulse.