Main navigation

Vitalik Buterin Makes Fun of 3AC Founder Zhu Su's Superyacht Used to Impress Investors

News
Thu, 06/23/2022 - 11:32
article image
Arman Shirinyan
Vitalik Buterin poked fun at fund founder's desire to show off in front of investors and friends while owning nothing
Vitalik Buterin Makes Fun of 3AC Founder Zhu Su's Superyacht Used to Impress Investors
Cover image via www.youtube.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

In his most recent post, Ethereum creator Vitalik Buterin urged large crypto-related companies and investors to put some funds into the Gitcoin grant, which allows small developers to start their own projects in Web3.

But instead of simply asking everyone for a donation to Round 14 of the funding, Vitalik Buterin referred to the most recent insider information appearing in the crypto space about the fact that the founder of Three Arrows Capital obtained a superyacht to impress investors.

But the most ridiculous part of the story is that Zhu Su used borrowed money to make a massive purchase which, later on, was not covered by Three Arrows Capital because of the enormous pressure put on their non-collateralized positions and their further liquidation.

In addition to not owning the funds he used to purchase the yacht, Zhu showed off the ownership of the superyacht, while not actually having it in person, as it was only scheduled to be delivered to him.

Related
Hero of 2018 Crypto Bearmarket Returns and Provides Bitcoin Chart No One Expected

For urging more donors to send money to the funding round, Buterin suggested getting "big beautiful statues" for each donor in the Metaverse to honor their contributions to the Web3 industry.

The developer also has not missed a chance to throw a jab at the biggest NFT collection in the world, Cryptopunk NFTs, and praised another project that supports the public good and urged other projects and collections in the space to follow the example of the project he mentioned.

Unfortunately, the last few months or even weeks were not as good for Ethereum as was expected following the liquidation and margin call series experienced by large institutional investors, including Three Arrows Capital and Celsius.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.