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Crypto Billionaire Abandons Ethereum. Here's Why

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Sun, 11/21/2021 - 11:41
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Alex Dovbnya
Three Arrows Capital’s Su Zhu has given up on Ethereum
Crypto Billionaire Abandons Ethereum. Here's Why
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Three Arrows Capital CEO Su Zhu berated Ethereum and its community in a scathing tweet.

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.

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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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.