"Crypto Is Not Going Away": Binance CEO Casts Himself As New Saviour

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Binances billionaire CEO casts himself as cryptos new savior

Among the many things shattered in the collapse of FTX was the image of Sam Bankman-Fried as the crypto industry's benevolent king. Now the man who hastened his demise with a tweet appears to want that job for himself.

Changpeng “CZ” Zhao, head of Binance Holdings Ltd., issued a flurry of tweets and comments in recent days seemingly aimed at bolstering his credentials as crypto's standard-bearer, capping them Monday by announcing a fund to aid crypto firms in crisis.

That triggered a rebound in digital-asset prices even though he was short on detail. CZ also unveiled plans to help set up a global industry body for major crypto firms. 

To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify. 1/2

“Crypto is not going away. We are still here. Let's rebuild,” Zhao, 45, said in his Monday tweet thread announcing the recovery fund.

Other recent public comments have highlighted the need to re-establish trust in a sector rocked by a series of scandals this year. A spokesperson for Binance had no comment. 

FTX's bankruptcy has rekindled concerns about everything from the legitimacy of crypto's leaders to the soundness of its fundamental structures, with former Treasury Secretary Lawrence Summers comparing the company to Enron Corp. — whose reorganization, coincidentally, was overseen by the man now tapped to run FTX.

So if the industry ever needed a unifying voice to quell the skeptics and shore up its crumbling credibility, it's now.

But Zhao's own role in the latest