On Tuesday, the cryptocurrency exchange OKX established a $100 million recovery fund to help projects with liquidity problems and to move away from Solana. As the cryptocurrency market dragged lower throughout the FTX crisis, Binance CEO CZ previously disclosed a comparable industry recovery fund.
OKX Declares $100 Million in Aid
On November 15, the cryptocurrency exchange OKX tweeted its plans to work with OKXChain and OKX Demo Day to establish a $100 million project ecological support plan.
OKX wants to help high-quality projects that at the moment are struggling with issues like liquidity. The cryptocurrency exchange thinks it's essential to help projects migrate seamlessly and to give qualifying projects financial, ecological, and technological support in order to go beyond the projects.
“We will launch a $100,000,000 project ecological support plan in conjunction with OKXChain and OKX Demo Day!”
In reality, when the crypto market continued to decline due to the FTX issue, Binance CEO "CZ" announced a similar industry recovery fund on Monday. The liquidity issue will be overcome by long-running, profitable initiatives with the aid of Binance's crypto market recovery fund.
Justin Sun, the creator of Tron, and Huobi, a cryptocurrency exchange, both endorsed Binance's recovery fund. According to Justin Sun, it will aid in the recovery of developers and builders from the crisis. Simon Dixon, Celsius' biggest investor, also intends to make a contribution to the fund for the rehabilitation of the sector.
Following Binance's announcement of the crypto market recovery fund, the cryptocurrency market surged. Significantly, the values of Bitcoin and Ethereum increased by approximately 6% and 7%, respectively. Despite the limited volume, the surge revived bullish feelings in the cryptocurrency market. The OKX recovery fund will boost happy feelings even more.
Tweets from Sam Bankman-Fried Fuel Speculation
Sam Bankman-Fried, a former CEO of FTX, continues to spark rumors in the cryptocurrency market with his enigmatic tweets. SBF receives criticism from Crypto Twitter for his cryptic tweets and most recent "faulty memory" remark. According to some beliefs, he is trying to use his insanity defense while under criminal investigation, covering up deleted tweets with single-word tweets.
As they look into the connections between FTX and Alameda Research, the prosecution is getting ready to demonstrate Sam Bankman-Fried's criminal responsibility.