CZ proposes an Industry recovery fund.

[darewaller]

It's my view that CZ is taking important initiatives to ensure the industry doesn't collapse. I hope this will help restore confidence in the community, and help make people realize that this is a dynamic industry, not a fly-by-night "money grab" scheme.

I also like how he emphasizes Public accountability and this initiative will most likely stop the bleeding in the crypto market and set a safe foundation for even better growth.

He is taking careful steps but he is also getting into something he shouldn't have. If he tries to be the saviour and try to build something like this, then people will ask for his help whenever there is a scammer, and when he doesn't help, he will see as a terrible person.

Let’s assume he decided to actually build a fund, and he put a good chunk of his own money, and some from binance, and then coinbase did and then many other places, even casinos did and there is this giant 1 billion dollar fund. That’s not enough to cover everything but they hired the best lawyers as well, so basically it’s all taken care of. Then an exchange says they were hacked and bankrupts and Binance doesn't help, don't you think CZ will be hated? He would be and that’s why he shouldn't do this.

[eaLiTy]

~
All this is due to the recent issues with FTX.
What do you think about this initiative?

I am surprised that this proposal had an impact on the market because CZ is partially responsible behind the market downfall when he made his claims in twitter and then walking away from the FTX deal, even though i personally feel that it was the right decision because it is a bigger mess to deal with .

The fact remains BTCitcoin was created to move away from the traditional system where the bankers mess up and the government always rescue them and the same system is proposed now. Projects mess up the funds and instead of government coming for the rescue they are planning to create a rescue fund . So who will be funding these and till what level they can mess up to recue them  .

[dansus021]

If this is enough to compensate the losses of many, then why not?
The question is, who will be the one to manage this? And is other site ok with this if their competitor handle the funds or security for them? I applaud Binance and CZ for this initiative, but there’s a lot of questions to be answered first and its up to the investors if they will support this or not.

Haha I actually want to ask the same thing about "The question is, who will be the one to manage this?" would be great if the money will stay transparent right?

and the team should look at the different angle before compensate "any project losess" cz also said like this

CZ has asked all the companies facing liquidity crunch to contact Binance Labs. When a user asked if FTX would have qualified for this category, CZ replied, “Liars or fraud never qualify as strong projects. This is for other projects in the ecosystem,” CZ responded.

[len01]

The aim of this project is to;

to support “strong” companies and projects that are struggling with liquidity

and CZ urges that this initiative be supported by other investors.
Link to news

All this is due to the recent issues with FTX.

What do you think about this initiative?

I think other investors are still thinking about it. because there are still many unresolved questions why CZ is so kind to help FTX. if there were no other intentions, it would be impossible for CZ to urge other investors to support him.

He's the person who make FTX collapsed and bankrupt, now he trying to act to help any exchanges that has a liquidity problem?

He just want to not get blamed by any users who leave a coin on FTX, because what he done, it make all users on FTX suffer huge losses. Many people are very stupid that think CZ is a good person and care with the other centralized exchanges, but they forget what CZ did before. Sooner or later when there's a big centralized exchange that can overtake Binance position, CZ will do another drama in order to destroy that exchange.

I totally understand what you mean. he's the one hitting from behind but he's the one claiming to have helped everyone (sorry out of topic)  
but let's see what next drama will be done by them for profit

[zasad@]

What kind of projects need help?
Strong projects accept investments in dollars, and then distribute their tokens to investors. The solan ecosystem has big problems now, and it is incomprehensible how this situation will end.
Anyone who believes in the future of the crypto industry can independently buy cheaper ecosystem projects.

[borovichok]

What kind of projects need help?
Strong projects accept investments in dollars, and then distribute their tokens to investors. The solan ecosystem has big problems now, and it is incomprehensible how this situation will end.
Anyone who believes in the future of the crypto industry can independently buy cheaper ecosystem projects.

Having donating recovery fund for dump  projects, the CEO of Binance going through some essential projects hoping to support and bring them back to working effectively. If you noticed, the crypto space is kind of unstable and unbalanced but it's just a matter of time for it to retest back to his normal levels. Changpeng been productive this season with worst ungetful events happening in the space. More projects which have suffered heavily breach like Luna and Ftx which have been the major hit dump trend in the space.

[Yaunfitda]

And I think this is part of it, to assure it's customer that everything is ok with us and with Binance.



I got that email in my inbox, but still though, I have qualms so I withdraw all my funds now.

Nevertheless I might continue to do some small trades and continue to accumulate and then withdraw it again if I'm not feel comfortable with the amount in their platform.