Three Arrows Capital Received $56M Worth of Ethereum from Binance and Coinbase

The hedge fund manager, which has somewhat of a controversial recent history with Ethereum’s native token, has transferred nearly 15,000 coins from Binance and Coinbase to its wallet.

• The blockchain journalist Colin Wu outlined the most recent interaction of Three Arrows Capital with Ethereum, outlining the transfers of ETH from the two large exchanges to the firm’s wallet.
• In total, the hedge fund manager transferred 14,833 ETH, worth approximately $56 million at today’s prices.

According to etherscan, Three Arrows Capital transferred a total of 14,833 ETH (approximately USD 56M) from Binance and Coinbase to its wallet (0x4862733b5fddfd35f35ea8ccf08f5045e57388b3) 2 hours ago. https://t.co/5JudXXZCI7 pic.twitter.com/tjRHbXRKN0

— Wu Blockchain (@WuBlockchain) December 14, 2021

• With this transfer, the company has only doubled down on its ETH accumulation since the start of December.
• As CryptoPotato reported last week, 3AC sent more than 90,000 ETH valued at around $400 million at the time to its wallets in two days.
• What’s more intriguing about these purchases is that they came shortly after the firm’s CEO revealed a change-of-heart attitude against Ethereum and its native cryptocurrency.
• Su Zhu notably said in November that the company had “abandoned Ethereum despite supporting it in the past.”
• His comments led to a lot of criticism from the crypto community, and he later explained that the word “abandon” was not the most suitable one, and he apologized for using it.