Cointime

Cointime

Crypto Exchange OKX To Launch $100M Fund for Troubled Projects

Cointime Official

Crypto exchange OKX plans to launch a $100 million ecological support fund for crypto projects suffering from liquidity issues due to FTX’s bankruptcy saga.

OKX to Roll Out $100M Support Plan

According to a Twitter update, OKX will work with OKX chain (OKC) to launch the ecological support plan for projects affected by the crypto winter intensified by FTX’s ignoble end.

“Under the influence of recent emergencies, some ecological high-quality projects have problems such as liquidity. In order to promote the healthy development of the industry ecology, Ouyi will help high-quality project parties to migrate smoothly, and provide ecological/technical/liquidity support to eligible project parties to overcome the difficulties together,” the exchange wrote.

Recall that crypto exchange FTX filed for voluntary Chapter 11 bankruptcy protection on Friday after failing to fix its liquidity issue. Subsequent reports have revealed that the crash stemmed from the firm’s mishandling of users’ funds. The collapse is one of the biggest in crypto, as many entities have deep ties to the exchange.

Crypto Saving Expert reported that data from Crypto Fund Research revealed that 25% to 40% of crypto hedge funds and venture capital funds were exposed to either the FTX token (FTT) or the exchange itself.

Crypto Fund Research CEO Josh Gnaizda believes the crash could affect more funds, totalling losses between $1 billion and $5 billion.

Furthermore, entities such as Paradigm, Sequoia Capital, Singapore’s Temasek, Galaxy Digital, and Ontario Teachers Pension Plan (OTPP) have declared exposure to FTX.

Not The First

OKX’s plan to launch a support project for struggling crypto firms is not the first of its kind. Yesterday, Changpeng Zhao (CZ), the CEO of crypto exchange Binance, announced that his firm would launch an industry recovery fund to support “projects who are otherwise strong, but in a liquidity crisis.”

CZ asked interested firms to reach out to Binance Labs and urged industry players with cash to co-invest.

(By William A. Frederick)

OKX
Comments

All Comments

Recommended for you

  • Binance Bitcoin U-margin contract K-line chart has returned to normal display

    On September 29th, it was reported that the issue with the Bitcoin U Futures Contract K-line chart on the Binance platform has been resolved and is now displaying normally. Earlier today, around 16:15, the Binance platform displayed that the Bitcoin U Futures Contract had multiple spikes to the $2707 position within a 15-minute period.

  • Hong Kong and Macao police jointly arrested 4 people this week in connection with the JPEX case and seized or frozen 24 million Hong Kong dollars in assets.

    With regards to the JPEX virtual asset trading platform case, the Hong Kong police have received 2,417 reports, involving a total amount of over HKD 1.5 billion. Assistant Commissioner of Police, Chung Yung-min, stated that the Hong Kong police carried out a joint operation with the Macau Judiciary Police from Tuesday to Thursday this week, arresting four people and seizing or freezing HKD 24 million in assets, including casino accounts and a large amount of cash. She also said that the police are actively tracing the whereabouts of virtual assets, have identified other targets, but some have left Hong Kong. The police will work with international cooperation to arrest those involved. She pointed out that the JPEX fraud network is very large and complex, and the investigation is still in its early stages. Those involved still insist that it is a legitimate investment platform. She hopes that the public will be more cautious when making any decisions regarding JPEX. Chief Superintendent of the Cyber Security and Technology Crime Bureau, Cheng Lai-ki, said that the criminal group has destroyed many documents, making it difficult for the police to track the fraudulent funds and investigate. However, she emphasized that the police will continue to communicate with overseas trading platforms to trace the whereabouts of virtual assets. A total of HKD 5 million worth of encrypted currency assets have been frozen temporarily. 

  • Valkyrie Ethereum Futures ETF Receives U.S. SEC Approval

    The US SEC has approved Valkyrie to convert its existing Bitcoin futures ETF to a Bitcoin and Ethereum futures ETF. The new fund will be renamed "Valkyrie Bitcoin and Ethereum Strategy ETF" and will take effect on October 3, with the code still being BTF.

  • AlphaSense Raises $150M in Series E Funding Round Led by BOND and Alphabet's CapitalG

    AlphaSense, a B2B AI platform focused on business intelligence and search, has completed a successful Series E funding round, raising $150 million. The round was led by BOND and included investments from Alphabet's CapitalG, Goldman Sachs, and Viking Global. AlphaSense's valuation has grown from $1.7 billion to $2.5 billion since its Series D funding round in June 2023. The platform uses machine learning to provide deep insights into business and finance analytics, offering "insights-as-a-service." The latest investment will allow AlphaSense to continue leading the generative AI revolution in the B2B sector.

  • web3 startup IYK raises $16.8 million in seed funding, led by A16z Crypto

    Web3 startup IYK has raised $16.8 million in seed funding, with A16z Crypto leading the way and other investors including 1kx, Collabcurrency, Lattice Capital, and gmoney. According to its website, IYK is a participant in the a16z Crypto Startup School, which is an accelerator program from the venture capital giant that typically invests $500,000 in participating startups in exchange for 7% equity. IYK says that it has recruited over 100 creators from industries such as fashion, music, and art since its founding in 2021. To attract more brands and creators, it is launching a self-service platform to help create digital physical experiences.

  • Oracle project Supra completed over US$24 million in financing, with participation from Animoca Brands and Coinbase Ventures.

    On September 28th, Supra, a provider of oracle and VRF services, announced that it had completed a funding round of over $24 million. Investors in this round include Animoca Brands, BCW, Coinbase Ventures, FiveT Fintech (formerly Avaloq Ventures), Galaxy Interactive, Hashed, HashKey, Huobi Ventures, No Limit Holdings, Prosus Ventures, Razer.com, Republic Crypto, Shima Capital, Signum Capital, SMO Capital, Sound Ventures, Sublime Ventures, UOB Venture Management (Dahua Bank), and Valor Equity Partners.

  • Hong Kong police arrested three people again in connection with the JPEX case, bringing the total number of arrests to 15

    Hong Kong police arrested three more people related to the JPEX case, including one director and one employee of the overseas exchange Lupin, and one popular analyst from a foreign currency exchange shop. The total number of arrests is now 15. The police have received a total of 2,392 reports, involving a total amount of nearly 1.5 billion yuan, and have frozen 77 million yuan in assets. 

  • The EU will collect data proving that cryptocurrency PoW mechanisms "seriously" harm the environment and plans to develop sustainability standards

    On September 28th, the European Commission released a tender contract worth 800,000 euros (approximately $842,000) aimed at mitigating the "significant harm" that cryptocurrency poses to the environment. The research, which will end on November 10th, will establish standards that will be incorporated into potential future EU policies to curb the impact of cryptocurrency on climate change and develop new energy efficiency labels for blockchain. The European Commission stated in the tender document that "there is evidence that crypto-assets can cause significant damage to the climate and the environment," which could undermine the EU's greenhouse gas reduction targets, indicating that new sustainable development standards may be adopted in the future. EU legislators are concerned about the energy-intensive PoW consensus mechanism that supports blockchain such as Bitcoin. The EU's research will be completed within a year and will study green issues related to the use of water, waste, natural resources, and energy by cryptocurrencies. (CoinDesk)

  • OKX CEO Star: The Platform Will Pay 100% Compensation for Contract Changes on September 13

    On September 15th, OKX CEO Star posted on the X platform stating that the platform will fully compensate all affected customers for the contract anomaly that occurred on September 13th, and expressed apologies: "We fully understand that the stability of the trading system is very important to our customers. Over the past 10 years, our team has been continuously improving the SLA, but due to the complexity of the trading system, we still encounter some minor issues every few months. We are very sorry for this and will strive to make our stability better and better."

  • OKX Fund System Upgrade Has Been Postponed to 14:30–14:40 on September 21 (UTC+8)

    September 14th, OKX officially announced that the scheduled fund system upgrade, originally planned for September 14th, 2023 from 14:30-14:40 (UTC+8), will be postponed and the time will be adjusted to September 21st, 2023 from 14:30-14:40 (UTC+8).

Daily Must-Read

Popular Activities

Cointime will Host TimeStamp Summit in Singapore on September 11th

Cointime will Host TimeStamp Summit in Singapore on September 11th

September 10 - September 11
Singapore

Popular Tags

Cointime
Insight
Features
RSS
Company