The recent occurrences in crypto have been extremely harmful to the market. Not only did the prices of crypto experience a free fall, but these events increased the fear in the market. After FTX’s bank run, Solana’s crash, the FTX hack, and the accident at Crypto.com, investors are more hesitant than ever to even consider investing in the crypto market. While no new investors enter the market, the ones that were already here are withdrawing huge amounts of money. This is the only way to explain the recent, unexpected crash. The leader cryptocurrency exchange and ecosystem, Binance, is trying to help the industry by creating an industry recovery fund.
Until today, CZ Binance has been one of the most positive individuals in the crypto sector. Every single time something negative happened to the crypto market, CZ was trying to help in one way or the other. Although not many companies and individuals helped him when Binance experienced cyber-attacks, CZ Binance’s support to others was always there. In a recent tweet, he notes that the goal of the industry recovery fund is to reduce further cascading negative effects of FTX. Moreover, he adds that he wants to help projects who are usually strong but experience sudden liquidity crises. In this tweet, he also welcomes any other industry player who wants to join to contact Binance Labs. By the end of the tweet, CZ states that crypto is here to stay while encouraging the industry to rebuild after the recent events.
CZ Binance’s Recent Activity
CZ Binance lend a hand to all the projects who experienced sudden crises this past week. While some might blame him for the downfall of FTX, CZ Binance was one of the first ones to help FTX recover from the crash. Nevertheless, after he saw that FTX was experiencing a classic bank run, he decided to stay out of it. After the FTX scandal, CZ topped Binance’s Secure Asset Fund for Users (SAFU) fund to $1 billion. Other than that, CZ made Binance’s cold wallet addresses public.
According to his tweet, Binance’s hold:
- 475,000 Bitcoin
- 4,800,000 Ethereum
- 17,600,000,000 USDT
- 21,700,000,000 BUSD
- 601,000,000 USDC
- 58,000,000 BNB
This level of transparency is one of the highest we can find in the crypto market. One other exchange doing this is KuCoin, another major cryptocurrency exchange. Most crypto enthusiasts are endorsing the actions of these major exchanges and crypto companies. While it might not be much, transparency is key in the crypto market. Taking such action is key to exposing scams and helping people see the difference between a Ponzi scheme and a credible project.