In the wake of FTX’s collapse, the crypto industry was plunged. Prices plummeted, investors scrambled to cut their losses, and startup funding evaporated. Amid the chaos, the spotlight turned to Changpeng Zhao, the founder of Binance, as the last remaining tycoon in the crypto world after the swift fall of Sam Bankman-Fried.
With a grand vision to rescue struggling startups, Zhao rallied industry leaders to raise a minimum of $1 billion. However, according to Bloomberg, the Industry Recovery Initiative (IRI) fell short of expectations nearly a year later, leaving the crypto market starved for cash and companies on the brink of collapse.
Changpeng Zhao’s $1 Billion Rescue Plan Fails To Deliver
Per the report, Zhao’s plan aimed to provide a lifeline to promising startups facing financial constraints beyond their control. Time was of the essence, as Zhao emphasized in a Bloomberg Television interview on November 24.
However, a recent analysis by Bloomberg News of public digital-
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