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

Changpeng "CZ" Zhao, a crypto billionaire, elaborated on his plans to support the ailing industry.

pledging to amass at least $1 billion for distressed asset purchases and stating that his Binance Holdings Ltd

will make another bid for insolvent lender Voyager Digital

Zhao gave an outline of the agreements and the chaotic fall of FTX in an interview.

He explained, "We are taking a loose approach where various industry players will contribute as they wish."

Zhao said that he'll soon provide additional information about the fund on his blog.

Zhao stated that he wants to minimise the harm that FTX's collapse will cause to the crypto industry.