MEXCJust-In: OKX Follows Binance To Announce Crypto Market Recovery Fund
Crypto exchange OKX on Tuesday announced $100 million in recovery funds to support projects with liquidity issues and to migrate from Solana. Binance CEO “CZ” earlier announced a similar industry recovery fund as the crypto market continued to drag lower amid the FTX crisis.
OKX Announces $100 Million Relief Funds
Crypto exchange OKX in a tweet on November 15 announced plans to launch a $100 million project ecological support plan in collaboration with OKXChain and OKX Demo Day.
OKX aims to support high-quality projects that are currently facing problems such as liquidity. The crypto exchange believes it is crucial to support projects to migrate smoothly and provide ecological, technical, and liquidity support to eligible projects to overcome the projects.
“We will launch a $100,000,000 project ecological support plan in conjunction with OKXChain and OKX Demo Day!”
In fact, Binance CEO “CZ” on Monday announced a similar industry recovery fund as the FTX crisis caused the crypto market to continue falling. Binance’s crypto market recovery fund will help long-running successful projects recover from the liquidity crisis.
Crypto exchange Huobi and Tron founder Justin Sun expressed support for Binance’s recovery fund. Justin Sun believed it will help builders and developers to recover from the crisis. Moreover, Celsius’ largest investor Simon Dixon also plans to contribute to the industry recovery fund.
The crypto market rallied after Binance announced the crypto market recovery fund. Notably, Bitcoin and Ethereum prices recovered over 6% and 7%, respectively. The rally brought fresh positive sentiments to the crypto market, but with low volume. OKX recovery fund will further grow positive sentiments.
Sam Bankman-Fried Tweets Raise Speculation
Former FTX CEO Sam Bankman-Fried’s cryptic tweets continue to raise speculations in the crypto market. Crypto Twitter criticizes SBF for his cryptic tweets and the latest “faulty memory” tweet. Some theories claim he is covering deleted tweets with single-word tweets and looking for an insanity defense amid criminal investigations.
Prosecutors are preparing to prove Sam Bankman-Fried’s criminal liabilities as they investigate relations between FTX and Alameda Research.
Also Read: FTX Appoints Five New Directors As Bankruptcy Process Begins
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Related Articles
- Balancer Hack: $129M in Crypto Assets Stolen, Berachain Validators Halt Chain for Hard Fork
- Breaking: Invesco Galaxy Amends Solana ETF to Disclose Fees, Other Key Details
- Bitcoin Slumps Below $108K, Will Crypto Market Crash on Hindenburg Omen Jitters?
- Nate Geraci Says Spot XRP ETF Launch Soon, Why It’s Big News for Ripple?
- Trader Predicts Dogecoin November Breakout as Murad’s Memecoin Holdings Drop 59% to $27.5 Million
- Ethereum Price As Stablecoin Volume Hits ATH of $2.82T Despite Struggling Crypto Market- Is a Recovery In Sight?
- XRP Price Forecast: Spot ETF Approval Could Propel Token to $3.
- Solana Price Outlook as Solana Whale Goes All-In With $26M Long Position Amid Market Crash– Is a Comeback Ahead?
- ZKsync Price Surges 90% on Vitalik’s Comments: What’s Next?
- $100K or $125K? Crypto Analysts Split on Bitcoin Price Prediction Despite U.S.–China Trade Deal
- Pi Coin Price Prediction After AI Investment Announcement – Is a Bull Run Ahead?
