Crypto Billionaire Abandons Ethereum. Here's Why

Three Arrows Capital CEO Su Zhu berated Ethereum and its community in a scathing tweet.

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.

— Zhu Su ? (@zhusu) November 21, 2021

The cryptocurrency billionaire claims that he has definitively abandoned the second-largest cryptocurrency because of how exclusionary it is for newcomers.

Zhu takes issue with exorbitant fees on the Ethereum blockchain, and the unwillingness of some of the most influential voices within the community to address that problem.

Over the past 24 hours, Zhu has also been retweeting various tweets that are critical of Ether.

Earlier today, an Ethereum address associated with Three Arrows Capital sent roughly $77 million worth of ETH to the FTX exchange.

In early November, Three Arrows Capital (3AC) was announced as one of the investors in Blizzard, a new fund whose purpose is to promote the development of “Ethereum killer” Avalanche.

As reported by U.Today, the AVAX price hit a new all-time high of $138. Along with Solana, Cardano and Binance Smart Chain, Avalanche has benefited from Ethereum's high fees that remain a major roadblock to the blockchain's widespread adoption.  

Zhu, who started 3AC together with high school classmate Kyle Davies, is among the largest crypto holders in the world.