The FTX empire, which was acting as a last resort for financially troubled entities during the fall of Terra, has fallen hard. The demise of Fried’s exchange struck the whole cryptocurrency market in a brutal manner. Binance was not a passive bystander throughout this entire ordeal.
Changpeng Zhao, the CEO of Binance, announced on Twitter that the exchange was creating an industry-wide recovery fund. This fund’s primary goal will be to support initiatives during a liquidity crisis.
Numerous doors have been shut by the collapse of the FTX empire. However, during this period, Binance was seen as bringing a constructive idea to the industry. As per the latest details from Bloomberg, CZ and other deputies have met with Abu Dhabi investors. However, CZ denied the report in one of his tweets.
CZ’s meeting to pool in funds from Abu Dhabi investors turned out to be false
The meeting as stated by Bloomberg was reportedly to raise funds for the cryptocurrency recovery fund. The information was based on the details provided by people who are familiar with the matter.
However, CZ denied the reports stating that it is false. The fall of FTX has also affected several entities associated with the exchange. CZ’s recovery fund will lend a helping hand to firms that are troubled by liquidity crunches.