Binance CEO CZ has announced forming an industry recovery fund as the FTX crisis tanks the crypto market. Binance’s recovery fund will help long-running successful projects affected by the liquidity crisis.
Binance CEO Changpeng Zhao aka CZ has revealed that his company will form an industry recovery group in a bid to reduce the negative effects associated with the fallout of FTX. Sam Bankman-Fried’s FTX filed for bankruptcy on Friday after a week of seeing customers pull assets and Binance abandoning a rescue offer. Bankman-Fried and his company are under investigation by the Department of Justice and the Securities and Exchange Commission. CZ also welcomed other industry participants who would want to co-invest.
“To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis.
