Su Zhu of Three Arrows Capital has given up on Ethereum.
Three Arrows Capital CEO Su Zhu scolded Ethereum and its community in a harsh tweet.
The cryptocurrency billionaire said he has definitively abandoned the second-largest cryptocurrency due to realizing how exclusionary it is for newcomers. Zhu spoke about the exorbitant fees on the Ethereum blockchain and the reluctance of some of the most influential voices in the community to address this issue.
In the past 24 hours, Zhu has also retweeted several tweets criticizing Ether.
Earlier today, an Ethereum address associated with Three Arrows Capital sent approximately $77 million worth of ETH to the FTX exchange. Earlier in 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 Avalanche dubbed “Ethereum killer.”
As previously reported, AVAX price has reached an all-time high. Along with Solana, Cardano, and Binance Smart Chain, Avalanche has benefited from Ethereum’s high fees, which remain the biggest barrier to blockchain adoption.
Zhu, who started 3AC with his high school classmate Kyle Davies, is among the world’s largest cryptocurrency holders.