Binance’s $1B Industry Recovery Fund Remains Inactive: Questions Loom

• Binance’s $1 billion Industry Recovery Fund has been inactive since its launch in November.
• An onchain analysis by Wu Blockchain, citing Scope Protocol’s data, revealed that there had been no significant movement of funds from the tracked address apart from the initial funding transfer made over four weeks ago.
• The unexpected inactivity, despite the initial fanfare, has raised questions about the status of the fund and how the ramp plans to proceed going forward.

Binance, one of the world’s largest exchanges, launched its $1 billion Industry Recovery Fund back in November in an attempt to help bail out or inject momentum to worthy crypto projects under distress due to liquidity problems caused by the failure of the Sam Bankman-Fried-led exchange. Binance had promised that only projects with solid fundamentals would be considered.

However, according to an onchain analysis by Wu Blockchain, citing Scope Protocol’s data, the fund has been inactive since its launch, with no significant movement of funds from the tracked address apart from the initial funding transfer made over four weeks ago. There has even been a series of dust, test transfers totaling $57.

This unexpected inactivity has raised questions about the status of the fund and how the ramp plans to proceed going forward. Some members of the crypto community are speculating that Binance may be presently combing through applications, or that the fund may no longer be a priority due to the recent surge in the crypto market.

Whatever the reason may be, it is clear that Binance’s $1 billion Industry Recovery Fund remains inactive, which is a stark contrast to the initial fanfare it was met with when it was first announced. It remains to be seen if and when the fund will be put to use.