According to ChainCatcher, Bloomberg reported that after the collapse of FTX last November, Binance issued the Web3 Industry Recovery Initiative (IRI) and disclosed 1 billion BUSD wallet addresses. 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 the funds he promised. 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. Binance said it is awaiting final approval from local regulators to complete the transaction.

A Binance spokesperson said IRI has funded 14 projects, but declined to name them or the specific amount of funding provided, and IRI is still accepting applications. A person familiar with the matter said that cryptocurrency market maker GSR evaluated 60 applications received through IRI, but none of them fit its strategy. It was previously reported in March that about 985 million BUSD was transferred from the Binance Industry Recovery Fund to Binance.

Meanwhile, the crypto asset industry remains cash-starved and the company is laying off employees to stay afloat. Funding raised in September was $508 million, the lowest since November 2020, according to PitchBook data.