Crypto TON Telegram Developers Generalized Funding Of Rp1.9 Trillion To Save Projects Affected By FTX

Crypto TON developers are ready to help with crypto projects affected by the collapse of FTX. (Photo; Doc. Telegram)

JAKARTA The crypto company TON, developed by messaging giant Telegram, reportedly disbursed funding of US$126 million (around Rp1.9 trillion). This fund is intended to help various crypto projects affected by FTX bankruptcy.

The announcement was made by the TON Network manager on Wednesday, November 30. TON will disburse the funds through the TON Foundation with an initial commitment of USD 126 million in rescue funds.

The purpose behind the launch of these rescue funds is to attract more projects towards the ecosystem. Thus, the TON Foundation is willing to play its role to effectively reduce the negative impact of FTX's bankruptcy.

In addition, the TON Foundation also revealed that rescue funds are supported by DWF Labs, Darley Technologies, Hexa Capital, and TONcoin Fund Ecosystem Partners. Speaking of its development, Nan Wang, a TON Foundation investment partner, told CoinDesk:

"We want to attract organic builders who are convinced by the fundamental TON. We don't necessarily buy depressed assets... However, we are willing to support the founders and top projects that have been slightly affected by recent events," said Nan Wang.

Hand Uluran for Companies Affected by FTX

The recent collapse of giants such as crypto exchange FTX has sent shockwaves across the crypto space. A company with a valuation of $32 billion and more than 1.2 million registered users has gone bankrupt in less than a week.

According to a Coinpeaker report, the impact of FTX's collapse is huge as its transmission has spread to other crypto companies as well. With large deposits with FTX, crypto lender BlockFi had to file for bankruptcy earlier this week. Another crypto lender Genesis Global faces a massive liquidity crisis amid a massive recall.

As a result, some of the top industry players have advanced to form crypto rescue funds. Binance head Changpeng Zhao was one of the first to apply for crypto rescue funds. The crypto giant has pledged $1 billion for rescue and several other players have also joined.

Binance said that the purpose of the rescue fund was to help a fundamentally strong crypto project that faced pressure from fraudulent activities carried out by other parties. However, the TON Foundation rescue fund will differ from Binance's rescue fund seeking to buy assets under the bankruptcy of FTX.