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 <p class="is-style-lead">Binance CEO Changpeng Zhao’s industry <a rel="noopener noreferrer nofollow" title="recovery" href="https://thebittimes.com/tag/recovery.html">recovery</a> initiative (IRI), which boasted over $1 billion in its fund, has dwindled to a mere $32 million balance despite less than $30 million deployed.</p>
 <p>Zhao held the mantle of industry savior following the FTX collapse last November. Amid the escalating effects of the implosion on several crypto-focused ventures, he unveiled the ambitious Industry Recovery Initiative (IRI), a plan to raise a staggering billion dollars for rescuing struggling startups.&nbsp;</p>
 <p>However, the story that unfolds is a far cry from the glorious promise, according to an article from Bloomberg, which provided an update on the balance of the fund and the amount deployed to meet its goal.</p>
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 <p>Bloomberg data suggests that Binance’s billion-dollar lifeline has declined to $32.4 million, with less than $30 million deployed. The assurance of a swift crypto industry rescue has devolved into a quiet disappointment, Bloomberg reports.</p>
 <p>Meanwhile, crypto-focused firms have continued trimming their workforces and cutting expenses to stay afloat amid the prevalent bear market. Some projects, such as Yield Protocol, have recently folded.&nbsp;</p>
 <p>The IRI garnered support from prominent backers such as Jump Crypto and Animoca Brands. However, their combined efforts fell short of the commitment. Unlike a conventional fund structure, the IRI allowed participants to invest their committed funds autonomously, demanding minimal transparency.</p>
 <p>The hushed decline of the IRI has led some industry leaders to question the authenticity of crypto’s supposed advocates.</p>
 <blockquote class="wp-block-quote">
  <p>“It’s a matter of accountability, and there wasn’t much of that for this <a rel="noopener noreferrer nofollow" title="recovery" href="https://thebittimes.com/tag/recovery.html">recovery</a> fund.”</p> <cite>Clara Medalie, Kaiko’s research director</cite>
 </blockquote>
 <p>Binance’s spokesperson provided scant clarity, mentioning that the IRI funded 14 projects, withholding specifics about names and figures. Astonishingly, $985 million of the initially committed funds ultimately returned to Binance’s corporate treasury.</p>
 <p>The sole publicly disclosed investment made through the IRI was Binance’s $15 million majority stake in the South Korean crypto exchange GOPAX. However, regulatory obstacles have impeded the finalization of this deal.</p>
 <p>The crypto industry’s dire need for a bailout remains indisputable, with venture capital investments plummeting and startups grappling to secure funding. The IRI’s failure to fulfill its pledge exacerbates the industry’s challenges.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-s-1b-recovery-fund-plummets-to-just-32m-tbt65795.html">https://thebittimes.com/binance-s-1b-recovery-fund-plummets-to-just-32m-tbt65795.html</a></p>

Binance’s $1b recovery fund plummets to just $32m

TheBitTimes

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