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The $1 billion Industry Recovery Fund established by Binance is still dormant


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According to an on-chain analysis by Wu Blockchain citing Scope Protocol data, the $1 billion Industrial Recovery Fund from Binance, one of the world’s largest exchanges, has been dormant since its launch in November. Based on public and immutable blockchain data as of December 30, there has been no significant movement of funds from the tracked address, with the exception of the initial transfer of funds made over four weeks ago.

The Industry Recovery Fund, set up by Binance a few days after the FTX crash in November, was supposed to help rescue or jump-start worthy crypto projects in distress due to liquidity issues caused by the collapse of the exchange led by Sam Bankman and Freed. . At the time, Binance stated that only projects with solid foundations would be considered.

However, there have been no giveaways or major announcements from the popular ramp confirming the use of part or all of the $1 billion kitten.

Instead, in a tweet, Wu Blockchain noted that a series of test transfers had taken place, totaling $57.

The unexpected inactivity, despite initial fanfare, raised questions about the foundation’s status and how the ramp is planned to develop further.

Some speculate that Binance may be combing applications at the moment. By the end of November, more than 150 projects had applied for funding.

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On the other hand, skeptics are adamant that the exchange may end up disappointing projects by holding funds longer.

$1 Billion Industry Recovery Fund Target

Binance declared on November 24 that the Industrial Recovery Fund includes contributions from co-investors seeking to alleviate the liquidity crisis facing the cryptosphere. Several well-known firms have invested $50 million, including Jump Crypto, Polygon Ventures, Animoca Brands, Kronos, Aptos Labs, GSR, and Brooker Group.

Binance CEO Changpeng Zhao said they have a flexible strategy where different business players can help in any way they see fit by distributing funds.

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