On Tuesday, OKX Follows Binance, a cryptocurrency exchange, announced the availability of $100 million in recovery money to assist projects experiencing liquidity challenges and migration away from Solana. The crypto market has been steadily declining since the FTX crisis began, and Binance CEO “CZ” has already promised a similar industry recovery fund.
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OKX Has Announced a $100 Million Relief Effort
On November 15, OKX, in conjunction with OKXChain and OKX Demo Day, tweeted that they would be launching a $100 million project ecological support plan.
OKX’s mission is to provide resources to high-quality projects that lack basic resources like cash flow. Because of this, the cryptocurrency exchange offers ecological, technical, and liquidity support to projects who qualify in order to help them make a smooth transition.
In honour of OKXChain and the OKX Demo Day, “we will establish a $100,000,000 project ecological support plan!”
With the crypto market continuing to decline due to the FTX issue, Binance CEO “CZ” announced on Monday the creation of a comparable industry recovery fund. Funds from Binance’s cryptocurrency market recovery initiative will assist successful businesses that have been operational for some time in overcoming the current liquidity crunch.
Binance’s recovery fund
Binance’s recovery fund has received endorsements from Tron’s founder Justin Sun and Huobi, another cryptocurrency exchange. Justin Sun thought it would aid developers and builders in coming back from the recession. In addition, Celsius’ biggest investor, Simon Dixon, intends to make a contribution to the industry recovery fund as well.
After Binance announced the crypto market recovery fund, the market jumped. It’s worth noting that the value of Bitcoin and Ethereum has increased by over 6% and 7%, respectively, recently. Low trading volume accompanied the rally that offered renewed optimism to the cryptocurrency market. The OKX recovery fund will boost optimism even more.
The Tweets of Sam Bankman-Fried Raise Questions
The crypto market is still buzzing with conjecture thanks to the cryptic tweets of former FTX CEO Sam Bankman-Fried. Crypto Twitter users have been critical of SBF’s recent “faulty memory” tweet and other mysterious messages. It has been speculated that, in light of ongoing criminal investigations, he is trying to hide his tracks by replacing deleted tweets with single-word tweets and hiding behind a plea of insanity.
While looking into ties between FTX and Alameda Research, prosecutors are preparing to prove Sam Bankman-Fried’s criminal liabilities.
Source: Google Trend