Just-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