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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Why This Crypto Billionaire Abandoned Ethereum

Best Owie
Best Owie
3 years ago
3 mins read
Picture of an Ethereum coin in front of a market chart

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Ethereum which is the second-largest cryptocurrency project in the globe has enjoyed the support of major and big-time investors in recent years. Its growth over the last year has helped to further reinforce why investors tend to choose the altcoin over Bitcoin. One of those who have supported Ethereum openly and majorly in the past has been Su Zhu, CEO, and CIO of Three Arrows Capital, a Singapore-based fund management firm.

Zhu who has supported Ethereum for a while recently announced that he was leaving the digital asset behind. This came as a shock but Zhu’s reasons for making this move have proven to have some merit to it and has got some in the space wondering about the future of the blockchain.

Related Reading | Famed Psychologist Jordan Peterson Says “Inflation Be Damned” As He Buys More Bitcoin

Zhu Exits Ethereum

In a series of tweets posted to Twitter, the CEO outlined his reasons for exiting the second-largest cryptocurrency in the market. According to Zhu, the barriers to entry for Ethereum had become too high for it to be a feasible investment for newcomers. He explained that just as he has abandoned the project, so has the project abandoned its users.

Yes I have abandoned Ethereum despite supporting it in the past.

Yes Ethereum has abandoned its users despite supporting them in the past.

The idea of sitting around jerking off watching the burn and concocting purity tests, while zero newcomers can afford the chain, is gross.

— 朱溯 🐂 (@zhusu) November 21, 2021

Related Reading | Kraken Is Delisting Top Privacy Coin Monero (XMR) For UK Users

Zhu explained that Ethereum had gotten too big to care for what the blockchain had set out to do in the beginning, implying that the project had lost its way. He had then suggested that it needed a reminder in the way of a bear market to set it back on track again. On the flip side of that, the CEO had also suggested that maybe migrating to a new blockchain may be the next best thing.

Going further, Zhu had addressed the negative feedback that his initial tweets had gotten from the Ethereum community. He pointed to the exorbitantly high fees that are now required to transact on the Ethereum network, stating that “users are livid that they’re promised a vision of the future, then told that they have to pay $100-1k per tx to enjoy it, and then get told some tales about how they should’ve been smart enough to buy ETH at $10.”

Looking Forward To A New Blockchain

Zhu’s tweets come after his fund management firm, Three Arrows Capital, had been disclosed to be invested in Ethereum’s rival blockchain, Avalanche. It was revealed that the firm had been a contributor of Blizzard, which finances developers that are building on the Avalanche blockchain. Blizzard hosts a $200 million fund that is specifically targeted for this purpose.

Ethereum price chart from TradingView.com

ETH trending at $4,151 | Source: ETHUSD on TradingView.com

In addition, a wallet that was said to be attached to Three Arrows Capital had moved a significant amount of Ethereum to the FTX crypto exchange. It is speculated that the approximately $77 million worth of ETH had been moved to the platform to be sold.

Featured image from Analytics Insight, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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