Three Arrows Capital, a Singapore-based hedge fund founded by Su Zhu and Kyle Davies in 2012, has raised 7,501.83 ETH worth $22.5 million from the tokens of the leading altcoin project. For details cryptocoin.com keep reading.
Three Arrows Capital has not given up on its leading altcoin project
According to a report published by 8BTCnews on Tuesday, the firm received the tokens in four transactions. The largest amount of transactions came from the FTX exchange with 5,500 ETH, while the rest came from anonymous addresses. Following the purchase, it can be verified from Etherscan that the company currently has 22,185 Ether in the wallet in question.
Three Arrows Capital, a dominant face in the Ethereum ecosystem and one of the largest Ethereum whales, is hoarding the cryptocurrency. This acquisition came despite Zhu threatening to abandon Ethereum last November, saying “Ethereum has abandoned its users despite having supported it in the past”.
After Zhu’s statements, the company continued to send most of its cryptocurrencies to the exchanges, then transferred 91,477 ETH (approximately 400 million USD) from Binance FTX and Coinbase to the firm’s wallet in two days, 77,477 ETH within two hours. He abandoned the evacuation plan. Also, hours after sending the coins to the exchanges, the firm made a substantial profit and then it turned out that the decision to hold the coins was made.
In response to the pullback, Zhu commented in a tweet that although “ETH is still unusable for newcomers to tier-1,” he will “still bid hard for any panic selling” and that “more is to come.” He also stated in a follow-up tweet that he respects the efforts of the L2 development community to scale the network.
However, Three Arrows Capital, which is very active in the market, seems to be adding its stash of Ethereum with minimal sales unlike anything witnessed in the last three months. At the time of writing, the altcoin was trading at $3,019, up 3.19% in the last 24 hours. According to analysts, $3,500 seems to be the biggest resistance so far.
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