Zhao predicts a $1 b market for distressed assets.

Zhao of Binance predicts a $1 billion market for distressed assets.

[{"selector":"#anim-2248a774-9f7a-43ee-ad24-a77d88faf45c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.235351448636845%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Changpeng "CZ" Zhao, a crypto billionaire, elaborated on his plans to support the ailing industry.

[{"selector":"#anim-c23366eb-afa2-449a-a92c-fa59c7a05a0d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] pledging to amass at least $1 billion for distressed asset purchases and stating that his Binance Holdings Ltd

[{"selector":"#anim-1cf5738b-acc1-4322-ae16-44f6f7b258a3 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.179687404002955%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] will make another bid for insolvent lender Voyager Digital

[{"selector":"#anim-e8b51653-dcc9-435a-80f7-f8ece9d5c70b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-40.8052884765597%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Zhao gave an outline of the agreements and the chaotic fall of FTX in an interview.

[{"selector":"#anim-6aa659a4-38f1-48d6-a873-32a53106ce56 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(42.835336563208784%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] He explained, "We are taking a loose approach where various industry players will contribute as they wish."

[{"selector":"#anim-2c02d586-e6ef-492b-99a0-a9c191a30920 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(8.653846289365458%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Zhao said that he'll soon provide additional information about the fund on his blog.

[{"selector":"#anim-533eef2c-2add-4a0b-9a5e-a30fc0a735d2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(35.34967836769406%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] Zhao stated that he wants to minimise the harm that FTX's collapse will cause to the crypto industry. Learn more