Cryptocurrency exchange Binance is trying to shore up trust in the industry, revealing new details about its industry recovery fund.
It aims to prop up struggling players in the wake of FTX’s calamitous bankruptcy.
Binance plans to devote $1 billion in initial commitments to the recovery fund and may even double that if the need arises.
Binance CEO Chang-peng Zhao shared the public wallet address with its initial commitment to prove the company is acting transparently.
The fund is an attempt by Binance to keep the crypto industry afloat after controversial entrepreneur Sam Bankman-Fried’s exchange FTX filed for bankruptcy earlier this month.
Musk’s distance
Twitter CEO Elon Musk is distancing his new company from FTX’s disgraced founder Sam Bankman-Fried and his alleged ownership of Twitter shares.
In a series of tweets, Musk called out a “news report that alleged Bankman-Fried rolled his $100 million holdings of Twitter into private shares.
Musk discredited the report which alleged Bankman-Fried “owns a sizable chunk of a now privately held and debt-laden Twitter.”
The report claimed an FTX balance sheet prepared after the takeover closed at the end of October and circulated to investors earlier this month.
In a tweet Musk says “SBF/FTX do not own shares in Twitter.”
