Su Zhu, CEO of Singapore-based hedge fund Three Arrows Capital Ltd, has ‘abandoned’ Ethereum due to its high gas fees.
The notorious transaction charges of the cryptocurrency have long-been an issue with its users and Zhu publicly criticised Ethereum ‘for giving up on their community’.
Zhu professed to be a supporter of the cryptocurrency but now admits that support has ‘become untenable’.
The 34-year-old crypto billionaire took to Twitter in what was a scathing rant, as he also accused Ethereum of suffering from ‘founder’s dilemma’ and forgetting what its initial mission was when entering the cryptocurrency world.
“Ethereum culture suffers massively from the Founders Dilemma,” Su Zhu raved.
“Everyone is already far too rich to remember what they originally set out to do.”
Perhaps a bear market is needed to remind them, or perhaps we must build elsewhere, but this is what it is, nothing new under the sun.”
Ethereum’s extortionate gas fees, illustrated by data from BitInfoCharts show that gas fees had risen from $2.80 to $40.19 – a surge of 1,360% from June till this month, with transaction fees peaking at $62 in November.