{"id":515917,"date":"2022-11-25T18:56:38","date_gmt":"2022-11-25T15:56:38","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-ceo-changpeng-zhao-to-create-1b-crypto-rescue-fund\/"},"modified":"2022-11-25T18:56:38","modified_gmt":"2022-11-25T15:56:38","slug":"binance-ceo-changpeng-zhao-to-create-1b-crypto-rescue-fund","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-ceo-changpeng-zhao-to-create-1b-crypto-rescue-fund\/","title":{"rendered":"#Binance CEO Changpeng Zhao to create $1B crypto rescue fund"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26b695c08f5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26b695c08f5\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/binance-ceo-changpeng-zhao-to-create-1b-crypto-rescue-fund\/#%E2%80%9CBinance_CEO_Changpeng_Zhao_to_create_1B_crypto_rescue_fund%E2%80%9D\" >&#8220;Binance CEO Changpeng Zhao to create $1B crypto rescue fund&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CBinance_CEO_Changpeng_Zhao_to_create_1B_crypto_rescue_fund%E2%80%9D\"><\/span>&#8220;Binance CEO Changpeng Zhao to create $1B crypto rescue fund&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>The billionaire CEO of cryptocurrency exchange Binance says he is allocating $1 billion toward buying up distressed assets in hopes of keeping the battered industry afloat in the wake of the disastrous collapse of rival FTX.<\/p>\n<p>Changpeng Zhao, who is known industrywide as \u201cCZ,\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-24\/binance-s-zhao-flags-possible-1-billion-for-distressed-crypto-assets?sref=MTy2GeXk\">told Bloomberg News<\/a> on Thursday that Binance, the world\u2019s largest cryptocurrency exchange, will make another bid for bankrupt lender Voyager Digital, which filed for Chapter 11 bankruptcy protection earlier this year.<\/p>\n<p>Zhao told Bloomberg <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> that he hopes to put together a coalition of industry partners who will contribute to the fund.<\/p>\n<p>\u201cWe are going with a loose <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach where different industry players will contribute as they wish,\u201d Zhao said.<\/p>\n<p>The Binance chief executive said he would soon publish a blog post that would include more details about his plan to rescue the ailing cryptocurrency industry.<\/p>\n<p>Zhao played a role in accelerating the demise of his rival, Sam Bankman-Fried\u2019s FTX.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/sam-bankman-fried-ftx-ceo-02-4.jpg?w=1024\" alt=\"Sam Bankman-Fried's cryptocurrency exchange FTX filed for Chapter 11 bankruptcy protection earlier this month.\" class=\"wp-image-24783968\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/sam-bankman-fried-ftx-ceo-02-4.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/sam-bankman-fried-ftx-ceo-02-4.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/sam-bankman-fried-ftx-ceo-02-4.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Sam Bankman-Fried\u2019s cryptocurrency exchange FTX filed for Chapter 11 bankruptcy protection earlier this month.<\/figcaption><figcaption><span class=\"credit\">CQ-Roll Call, Inc via Getty Imag<\/span><\/figcaption><\/figure>\n<p>Earlier this month, Zhao pulled out of a plan to have Binance rescue FTX. Instead, he tweeted on Nov. 8 that he planned to sell off $530 million worth of an in-house digital asset created by FTX.<\/p>\n<p>Zhao\u2019s Binance was in talks to rescue FTX after it was learned that Bankman-Fried had been using customer funds to cover debts accrued by FTX\u2019s sister analytics firm, Alameda Research, which was making risky bets.<\/p>\n<p>Bankman-Fried resigned as CEO. According to court filings, FTX under Bankman-Fried was lax in its accounting practices while freely spending hundreds of millions of dollars on luxury real estate in the Bahamas for family and company executives.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/changpeng-zhao-01.jpg?w=1024\" alt=\"Zhao helped accelerate the demise of FTX when he tweeted on Nov. 8 that he would be selling off his holdings in FTX's in-house digital token, FTT.\" class=\"wp-image-24783972\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/changpeng-zhao-01.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/changpeng-zhao-01.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/changpeng-zhao-01.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Zhao helped accelerate the demise of FTX when he tweeted on Nov. 8 that he would be selling off his holdings in FTX\u2019s in-house digital token, FTT.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>Zhao said he abandoned plans to acquire FTX after it became clear that Alameda Research had liquidity issues.<\/p>\n<p>During an interview with CNBC earlier this month, Zhao condemned Bankman-Fried as a \u201cliar.\u201d<\/p>\n<p>The Post reported that Zhao was furious with Bankman-Fried after he learned that the FTX founder trashed him behind his back when they were both attending an investor conference in Saudi Arabia last month.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/binance-logo-illustration.jpg?w=1024\" alt=\"Binance is the world's largest cryptocurrency exchange.\" class=\"wp-image-24783966\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/binance-logo-illustration.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/binance-logo-illustration.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/binance-logo-illustration.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Binance is the world\u2019s largest cryptocurrency exchange.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>\u201cIt\u2019s not a coincidence he goes to the Middle East and comes back bankrupt,\u201d a source with knowledge of the situation told The Post. \u201cThe <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a> created the unraveling of the fraud. There\u2019s a direct causation between that marketing junket and Bankman-Fried\u2019s downfall.\u201d<\/p>\n<p>FTX filed for Chapter 11 bankruptcy protection after a \u201crun on the bank\u201d during which customers tried to withdraw their deposits en masse.<\/p>\n<p>Zhao told Bloomberg News that he should have warned the public about FTX sooner.<\/p>\n<p>\u201cI actually reflect on the FTX situation and I kind of blame myself for tweeting that too late,\u201d Zhao said. <\/p>\n<p>\u201cAs an industry, we let FTX get too big before we started questioning some of those things.\u201d<\/p>\n<p><em>Additional Reporting by Lydia Moynihan<\/em>\n                        <\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/11\/25\/binance-ceo-changpeng-zhao-to-create-1b-crypto-rescue-fund\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Binance CEO Changpeng Zhao to create $1B crypto rescue fund&#8221; The billionaire CEO of cryptocurrency exchange Binance says he is allocating $1 billion toward buying up distressed assets in hopes of keeping the battered industry afloat in the wake of the disastrous collapse of rival FTX. Changpeng Zhao, who is known industrywide as \u201cCZ,\u201d told&#8230;<\/p>\n","protected":false},"author":1,"featured_media":515918,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/changpeng-zhao-binance-sam-bankman-fried-ftx-comp.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74862,135234,89897,136195,76127],"class_list":["post-515917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-ftx","tag-sam-bankman-fried","tag-11-25-22","tag-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/515917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=515917"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/515917\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/515918"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=515917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=515917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=515917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}