FTX bankruptcy: OKX unveils $100 million fund for victims

Unity is strength – After the FTX platform debacle, the response from former competitors is getting organised. Binance opened the ball with the proposal of a ” industry recovery fund aimed at companies in the sector that are currently experiencing liquidity problems. Today we learn thatOKX would be ready to put 100 million dollars on its side to also help certain projects in difficulty.

OKX and Binance on the same wavelength

Only a few hours later Changpeng Zhao’s announcement, some platforms are beginning to answer the call. It is the Chinese journalist Colin Wuthrough its media Wu Blockchainwho revealed the information this morning.

The cryptocurrency platform OKX would be ready to put their hands in the wallet to help the sector which is suffering after the recent events around FTX. Because beyond the problems cyclical of liquidity of certain actors, it is above all a crisis of trust which the whole ecosystem has to deal with.

OKX would be ready to donate 100 million to help the struggling sector – Source: Twitter

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Towards a sacred union of crypto exchanges?

It is still too early to say thatOKX will join the project Binance or if they will carry out their action on their side. Indeed, in his statement, Colin Wu reports that the fund in question could also help projects that wish to migrate out of Solana.

However, on the side of Binance, no reference to this specific point. Apparently, the announcement had its small effect, because several companies came forward. Justin Sun communicated on Twitter when Huobi Global and Poloniex would have reacted more discreetly, but would seem interested.

While DeFi appears to be a sound solution to the FTX earthquake, the reaction of the big actors of the sector crypto did not wait. Quite the contrary. Just five days after the official bankruptcy of the platform Sam Bankman-Friedthere is clearly an urgent need to to reassure users as we witness a mass exodus of cryptocurrencies from exchanges.

The events of the past week and the bankruptcy of FTX remain there to remind us that we must remain cautious in this still very young ecosystem. Get into the habit of healthy distrust. To buy your cryptocurrencies, sign up now on Bitget and start getting acquainted with the exciting world of blockchain technology (commercial link).

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