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Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

Binance reveals $1 bil in recovery fund following FTX bankruptcy chaos

  • By Al Mayadeen English
  • Source: Agencies
  • 25 Nov 2022 11:02
3 Min Read

The FTX bankruptcy forces Binance to start a $1 billion recovery fund that could become $2 billion if the market needs it.

  • x
  • Binance recovery fund for FTX revealed (Reuters)
    Binance recovery fund for FTX revealed (Reuters)

Famed cryptocurrency exchange Binance revealed updated details about its industry recovery fund on Thursday, which intends to support struggling players in the aftermath of FTX's disastrous bankruptcy.

Binance stated in a blog post that it will contribute $1 billion to the recovery fund as a first pledge. 

The company also noted that it may expand that sum to reach $2 billion if needed.

Additionally, investment companies focused on cryptocurrencies including Jump Crypto, Polygon Ventures, and Animoca Brands have committed $50 million to the project.

We do this honestly, stated Binance CEO Changpeng Zhao as he published the public wallet address demonstrating the company's initial pledge.

It is worth reminding that Binance created the fund in an effort to support the cryptocurrency market after FTX, the exchange founded by businessman Sam Bankman-Fried, declared bankruptcy earlier this month.

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Major banks see profits from crypto leftover, but FTX is a threat

As major banks and financial institutions steered away from what Jamie Dimon called a “decentralized Ponzi scheme,” the gap was filled by small lenders who saw profit in helping service companies that include but are not limited to, Silvergate Capital Corp., Provident Bancorp Inc., Metropolitan Commercial Bank, Signature Bank and Customers Bancorp Inc. The latest crackdown and collapse of FTX puts them center-stage.

Silvergate goes back with cryptocurrency to when it first began with just Bitcoin. The former's CEO, Alan Lane, saw potential in building products to serve the market's needs: “What I saw,” he said, “was an opportunity to bank these companies that were essentially being de-risked from other banks.”  

Lane set up a payment network that connects dollars and crypto, through his Silvergate Exchange Network (SEN), which offers users the opportunity to transfer around dollars between each in order to settle their crypto transactions any time during the day or night. The network passed $1 trillion in cumulative payment volumes earlier this year, with one customer being the infamous FTX, whose founder, Sam Bankman-Fried, is now disgraced.

"I'm really sorry, again, that we ended up here. Hopefully, things can find a way to recover," Bankman-Fried, nicknamed the 'King of Crypto', wrote on Twitter when the exchange collapsed "I was shocked to see things unravel the way they did."

Bankman-Fried tried to organize a bailout but failed - this left FTX struggling to raise billions of dollars and many customers unable to retain their money.

The win for Silvergate was that most of its profits were from deposits left by digital customers on its network, which amounted to 90% of the bank’s overall deposit base, almost $11.9 billion. They were later reinvested in securities to earn the $11.4 billion securities portfolio, which generated 2.2% over the three months to September.  

Read more: Bitcoin crashes below $17,000 after Binance cancels FTX acquisition

  • Binance
  • FTX
  • Cryptocurrency
  • Cryptomarkets

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