Binance To Launch “Industry Recovery Fund” – November 14

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $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 14, 2022 πŸ”₯

πŸ‘‰ Binance To Launch “Industry Recovery Fund”

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.

πŸ‘‰ CEO Says Firm Has Less Than $10M In Exposure To FTX 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.

πŸ‘‰ Huobi And Slammed For Allegedly Loaning Funds For Proof Of Reserves

Cryptocurrency exchanges Huobi and have been criticized for allegedly sharing on-chain “proof of reserves” using borrowed funds. sent 320,000 Ether (ETH) to “by accident” and later returned – with 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.