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Averting The Cascading Effects Of FTX's Saga.

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@teesart
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Besides the already ongoing negative effects of FTX's unfortunate events, there's much more negative cascading effects in future we currently don't. FTX was the second largest and most important crypto exchange and alot of inviduals, firms and projects trusted the platform so much snd invested greatly with them. It's not so hard to understand many of these businesses, firms and individuals have been massively affected by the recent FTX issues and this could affect the crypto industry in the long run.

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What most of these companies need right now is the right kind of help to avoid collapse, avert worse negative effects and help them bounce back up. This is most definitely why CZ Binance in a recent statement declared Binance would be coming through for many projects affected by FTX by providing some funding to help them back on their feet.

"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. Also welcome other industry players with cash who wants to co-invest. Crypto is not going away. We are still here. Let's rebuild".

The FTX Saga is most likely the last biggest unfortunate crypto event of the year and all we can do now is make adjustments, restructure, replan and keep building. The crypto industry may appeal to some as one of the worst places to be right now, but this is just a phase and we shall pass it too. Regardless of the the fact that events like the LUNA-Terra and FTX crash have been some of the worst catastrophe in the crypto space recently, I believe they will shape the industry into becoming a much more stable, reliable and efficient industry, however they could've been avoided.