Large Crypto Hedge Fund Continues to Sell Its Previously Received $ 400 Million Ethereum
- The big deal
- $ 400 million received, $ 40 million remaining
Cryptocurrency hedge fund Three Arrow Capital, known to have “ditched” Ethereum and then actively traded it, has deposited large sums on the centralized FTX exchange as the asset continues to lose value on the crypto market.
The big deal
The transaction was completed five hours before press time. The sender’s wallet currently holds $ 47 million of Ether while holding $ 84 million ahead of the big deal. Large trades were previously done using various stablecoins like USDC, USDT and others.
It is not yet clear whether the assets have been sold imminently on FTX or are currently being held in the exchange’s hot portfolios. But since the fund could simply store assets in a cold wallet, traded funds will most likely be realized in the market.
$ 400 million received, $ 40 million remaining
As U.Today previously reported, the fund received $ 400 million from Ethereum after its CEO said it was going to “ditch” Ethereum for high fees that make it unusable for users who are unable to. pay extremely high fees in the event of severe network congestion. periods.
A total of $ 400 million was received by the fund in a series of large transactions carried out over several days. The fund received 14,000 and 27,000 ETH in about two days. The reason for the strong sell-off of the funds received was not disclosed, but is more likely related to the performance of the Ethereum market.
The Ethereum community did not warmly welcome receiving a large sum from a fund that had previously threatened to abandon the asset. To soften the community backlash, the fund’s CEO Zhu Su then posted a tweet explaining his previous statement and told the community that he still respects the L2 development community trying to make the network more scalable.