In the wake of FTX's collapse in November, the newly crowned kingpin of crypto, Binance CEO and cofounder Changpeng "CZ" Zhao, announced that his exchange would create an industry recovery fund to "help projects who are otherwise strong, but in a liquidity crisis."
Binance committed $1 billion of its own capital, seeded into a public address with its self-branded stablecoin, BUSD, and invited other companies to participate. Binance also boasted that it intended to ramp up its own contribution to $2 billion.
