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Binance CEO Changpeng “CZ” Zhao’s ambitious plan to save the crypto market following the collapse of crypto firms after the Terra-LUNA crisis and the FTX debacle has failed, as per a report by Bloomberg. The bear market turned out to be worse for the crypto community, with investors and firms in total losing billions. The Industry Recovery Initiative (IRI) has only invested nearly $30 million.
Binance CEO CZ’s Industry Recovery Initiative Fades
In the aftermath of crypto exchange FTX’s collapse last November, the Industry Recovery Initiative (IRI) was launched as prices were tumbling, investors were frantically trying to limit their exposure to bankrupt crypto firms and exchanges, and startup funding just vanished.
Binance’s IRI has big backers such as Jump Crypto, Animoca Brands, Aptos Labs, Brooker Group, DWF Labs, and Polygon Ventures. These companies aim to support and fund crypto firms and projects impacted by the crisis.
However, the Industry Recovery Initiative (IRI) has invested only $30 million in projects. The report reveals that wallet analyses showed inflow being significantly below expectations, leaving many to speculate about the once-promising crypto market recovery endeavor.
Also Read: Alameda Minted $40 Billion of Tether USDT in Shady Deals With FTX, Details
Rising Challenges for the Crypto Industry
Operation Choke Point 2.0 and the U.S. SEC’s lawsuits against Binance, Coinbase, and other crypto firms increased challenges for the crypto market. The already struggling industry lost its recovery focus amid regulatory issues, lawsuits, and worsening macro conditions.
In March, Binance CEO “CZ” said the exchange will convert the remaining funds in the Industry Recovery Initiative into Bitcoin (BTC), BNB, and Ethereum (ETH) due to the collapse of crypto-friendly banks and stablecoins depeg events.
According to Etherscan data, the wallet linked to Binance’s Industry Recovery Initiative currently has crypto assets worth $1,501.
Also Read: Binance Removing XRP, FTM And 10 Other Liquidity Pools
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