Maybe I'm missing something but how is this even arbitrage? If you were just putting the money into an interest bearing account and repaying before the interest rate kicked in then yes it would be arbitrage (if you could even beat the 3% fee) but that wasn't happening here.
The author was just taking the 0% rates and using them to fund his company which didn't work out. There was never a guaranteed upside to this which is what you would expect with arbitrage.
The author was just taking the 0% rates and using them to fund his company which didn't work out. There was never a guaranteed upside to this which is what you would expect with arbitrage.