Formed by Binance and other big names in the crypto industry, this recovery fund will work towards reducing the effects caused by the fallout of FTX

Binance CEO Changpeng Zhao spoke about the FTX fallout and its negative effects on the crypto industry. The CEO in his tweet announced that Binance has now decided to form an industry recovery fund in order to recover from the FTX disaster and its effects, this includes pooling money to help crypto projects that are strong but are suffering at the hand of an industry downturn.

The FTX fallout is one of crypto’s most disastrous events, where the FTX crypto exchange lost all of its valuation after a rush of customer withdrawals. FTX CEO Sam Bankman Fried, who was once known as the new age Warren Buffet also lost $15 billion of his wealth and has now stepped out from his position.