On November 14, CZ of Binance announced an “industry recovery fund”, which he said would devote money to ending “further cascading negative effects of FTX [and] help projects who are otherwise strong, but in a liquidity crisis”.In a blog post outlining the $1 billion initiative, Binance also divulged that “we have already received around 150 applications from companies seeking support under the [Industry Recovery Initiative]” — only a week and a half after it was announced.