Binance CEO Changpeng Zhao's announcement immediately caused the price of Bitcoin and the entire crypto market to rise.
Zhao say He has established an “Industry Recovery Fund'' to support companies and projects suffering from liquidity problems in the aftermath of the FTX bankruptcy.
“To mitigate further cascading negative effects from FTX, Binance has established an Industry Recovery Fund to support projects that are otherwise doing well but are experiencing a liquidity crisis. More details coming soon. In the meantime, if you think you are eligible, please contact Binance Labs.
We also welcome other industry players who have cash willing to co-invest. Cryptocurrency is not going away. we are still here. Let's rebuild. ”
Bitcoin rose from a 24-hour low of $15,906 to a high of $16,580.
Ethereum rebounded from a 24-hour low of $1,180 to a high of $1,233.
The market action ended a chaotic weekend that started with FTX claiming it had been hacked, as user account balances were reduced to zero and millions of dollars in cryptocurrencies began to be leaked from the exchange.
Hours before Zhao's new announcement, disgraced FTX founder Sam Bankman Fried posted a bizarre and rambling message on Twitter.
2)H
— SBF (@SBF_FTX) November 14, 2022
Bankman Fried has not made any major comments since announcing the bankruptcies of FTX, FTX.US and Alameda Research on Friday.
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