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Binance CEO Changpeng Zhao’s announcement caused an immediate surge in the price of Bitcoin and the entire cryptocurrency market.
Zhao To tell He is setting up an “industry recovery fund” to help businesses and projects struggling with liquidity in the aftermath of the FTX collapse.
To further mitigate the cascading negative effects of FTX, Binance has established an Industry Recovery Fund to support otherwise strong but liquidity-stressed projects. More details to come soon. In the meantime, if you think you are eligible, please contact Binance Labs.
We also welcome other industry players with cash that would like to co-invest. The code does not disappear. we are still here Let’s rebuild.
Bitcoin climbed from a 24-hour low of $15,906 to a high of $16,580.
Ethereum jumped from a 24-hour low of $1,180 to a high of $1,233.
The market move put an end to a chaotic weekend that began with claims that FTX had been hacked as user account balances plummeted to zero and millions of dollars of cryptocurrency began flowing out of the exchange. rice field.
Hours before the new announcement from Zhao, the infamous FTX founder Sam Banman-Fried posted a strange and incoherent message on Twitter.
2) Chi
SBF (@SBF_FTX) November 14, 2022
Bankman-Fried hasn’t said anything significant since announcing the bankruptcies of FTX, FTX.US and Alameda Research on Friday.
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