protos.com
Three Arrows Capital (3AC) co-founder Su Zhu has claimed that “$10,000 is an amount you can definitely afford to lose if you’re in the Western world because you’ll earn that back in salary.”
Zhu made the claim on the OX podcast when asked what he would do if he started in crypto today in search of the mythical ‘100x.’
The disgraced 3AC founder and former jailbird was speaking to Frank DeGods (real name Rohun Vora) on a video titled ‘Frank Degods teaches Su Zhu how to 10x the OXFUN userbase by turning off 99% of his brain.’
During the two-hour conversation, DeGods probed Zhu about the path to ‘100x,’ asking him “If you started with $10,000 today in crypto, how would you maneuver?”
Zhu replied, “Definitely don’t do it on trading or that kind of stuff. I think you need to find a good coin — I think there’s a lot of 100x’s right now.”
Read more: 3AC founder Su Zhu says prison ‘good for you’ after four-month stay
He continued, “You have to get in very early so you have to screen it a bit, maybe split it into five stacks of 2,000 and just go big on some coins.
“The other nice thing about $10,000 is that it’s an amount you can definitely afford to lose if you’re in the Western world or the developed world because you’re going to earn that back in salary as well.
“If you have a salary or if you have earnings then then you can afford to lose more money because you earn it back.”
He also claimed that if you’re early in crypto, you don’t want to be “too cautious.”
More financial advice from a man who’s fund blew up
Despite the implosion of his own fund barely two years ago, the failure of his follow-up bankruptcy claims platform, and a four-month stint in a Singaporean jail, Zhu hasn’t been shy about handing out financial advice.
As well as advising the OX podcast listeners on what to do with their ‘easily-earned’ $10,000, just last month he attempted to tell $2 billion Ethena how to manage risk.
Zhu suggested that Ethena should leverage up the long side of the trade to keep the ETH ‘funding rate’ high. Rather than simply holding USDe’s staked ETH collateral, he advised using it to borrow more ETH on decentralized finance (DeFi) protocol Aave.
Read more: Ethena offers 27% on stablecoins but where is the yield coming from?
The extra funds would then be used to buy perpetual swaps, boosting the demand for leverage and keeping USDe yields up.
Comparisons have been drawn between Ethena’s USDe and Do Kwon’s collapsed algorithmic stablecoin UST, which also offered outsized ‘stable’ yields via the Anchor protocol.