CEFIMARKET

Binance resumes FTT deposits, Zhao Changpeng: Will establish an industry recovery fund, Sun Yuchen follows suit

share
Binance resumes FTT deposits, Zhao Changpeng: Will establish an industry recovery fund, Sun Yuchen follows suit

Binance CEO Changpeng Zhao (CZ) stated that in order to prevent a chain reaction caused by the FTX incident, they will establish an industry recovery fund to assist projects with strong fundamentals but lacking funding.

Resumption of FTT Deposits

Previously, CZ suspended FTT deposits due to suspected increased issuance of FTT. However, after checking the FTT unlocking schedule, it was found that FTT has been fully circulated since May 1st this year. Binance stated that the recent large transfers of FTT may have been due to internal asset integration by FTX.

Binance will reopen deposits and is currently in contact with the FTX team to understand the situation.

On November 14th, Binance announced in a notice that the following trading pairs will be delisted on November 15th at 12:30 pm Taiwan time:

  • FTT/BNB
  • FTT/BTC
  • FTT/ETH
  • FTT/USDT

Prior to this, Binance had already delisted FTT leveraged, contract, and spot products. After this, the only remaining trading pair will be in the FTT/BUSD market.

As of the deadline, FTT had fallen to $1.6.

Zhao Changpeng: Launching Recovery Fund

CZ tweeted:

To mitigate the negative repercussions stemming from FTX, Binance is establishing an industry recovery fund to assist projects that have performed well in various aspects but are facing liquidity crises. More details will be released. If you believe you meet the criteria, please contact Binance Labs. Industry professionals who still have cash on hand and wish to invest together are also welcome to participate. Cryptocurrencies will not disappear, we are still here, let's start rebuilding.

Tron founder Justin Sun also responded immediately to the tweet, stating that TRON DAO, Poloniex, and Huobi will all participate in the industry recovery fund.