Binance’s bailout fund is a welcome backstop for crypto
Last week, the world’s largest crypto exchange Binance formally unveiled a $1 billion “industry recovery fund” to help contain the damage dealt to the industry by the spectacular implosion of FTX. Binance’s CEO Changpeng Zhao had played a pivotal role.
Though Zhao has since dismissed “conspiracy theories” that he had orchestrated FTX’s demise and that of its sister trading firm Alameda Research, the irony of Binance playing both doomsayer and redeemer in the same month has not been lost on observers. “You sort of giveth with one hand and taketh away with the other,”.
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