In a In a surprising turn of events, Su Zhu, CEO and chief information officer of Three Arrows Capital (3AC), announced on November 22nd that he is abandoning Ethereum.
The announcement is a massive shock considering that Three Arrows Capital is one of the world’s largest crypto investors. The company has Ethereum assets worth billions of dollars.
Three Arrows Capital is a Singapore-based fund management firm created by Su Zhu and Kyle Davies.
In the Twitter post on Sunday, Zhu told his 350 thousand followers that he was leaving Ethereum. He said that Ethereum has abandoned users. Additionally, he claims that high fees on the blockchain are preventing newcomers from entering the space.
Zhu went on to claim “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.”