Binance has announced that it will launch an "industry recovery fund," designed to assist projects that are facing liquidity issues.
November 14, 2022 | | | | | 📈 30 Second Cryptocurrency Price Summary | Current Bitcoin Price: $16,459 | Bitcoin price continues to range in the $16,000s to begin the week, as the dust settles from FTX's demise. | Top-20 altcoins hav eonly seen small movements over the last 24 hours, as Ether remains unchanged, BNB falls just 1% and Tron is the largest mover with a 4% drop. | Top Stories for November 12, 2022 🔥 | | Crypto exchange giant Binance has announced that it will launch an "industry recovery fund," designed to assist projects that are "otherwise strong" but facing liquidity issues. | The fund was announced by Binance CEO Changpeng Zhao ("CZ") last night, describing the move as an effort to "reduce further cascading negative effects of FTX." | CZ also made an open invitation for investors to contribute to the fund and welcomed all qualifying projects to apply for assistance. | | Crypto.com CEO Kris Marszalek has stated that the company has less than $10 million in exposure to bankrupt exchange FTX, on a live ask-me-anything (AMA) session today. | Marszalek also clarified that the $1 billion of stablecoins moved to FTX over the course of a year was completely recovered before the exchange went under. He also added that the exchange as not halting withdrawals, however there is a backlog of customer support tickets due to a high volume of requests. | | Cryptocurrency exchanges Huobi and Gate.io have been criticized for allegedly sharing on-chain "proof of reserves" using borrowed funds. | Crypto.com sent 320,000 Ether (ETH) to Gate.io "by accident" and later returned – with Gate.io posting their proof of reserves just days afterward. Huobi also saw a large transfer of 10,000 ETH out of its reserve wallets shortly after their own snapshot. | Both instances raised doubts among the community as to whether any of the involved exchanges had sufficient funds to cover all customer's deposits. |
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