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Bloomberg: Binance’s $1 Billion “Industry Recovery Plan” Deploys Less Than $30 Million

After FTX crashed in November last year, Binance issued a Web3 industry recovery initiative (IRI) and publicly announced a wallet address with 1 billion BUSD. However, wallet analysis to date shows that the project has deployed less than $30 million since its launch. Only one of the nine designated participants has invested all of its committed funds. As part of the plan, Binance's only publicly disclosed investment was the purchase of a majority stake in South Korean cryptocurrency exchange GOPAX for $15 million announced in February. 

A Binance spokesperson said that IRI funded 14 projects but refused to disclose the names of these projects or provide specific amounts of funding. IRI is still accepting applications. An insider said that cryptocurrency market maker GSR evaluated 60 applications received through IRI, but none of them fit its strategy. 

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