Proactive Investors - Crypto giant, Binance, said it is aiming to set up a $1bn fund for the potential purchase of distressed assets in the sector and will make another bid for bankrupt lender Voyager Digital (CSE:VYGR, OTCQX:VYGVF).
Chief executive Changpeng Zhao said there would be a blog post about the fund soon and that his company has spoken to a number of industry players about it.
"If that's not enough ($1bn) we can allocate more," Mr Zhao told Bloomberg Television.
"We are going with a loose approach where different industry players will contribute as they wish."
Zhao said there would "probably" be some more crypto collapses as part of a "contagion" in the industry.
However, the Binance boss said he felt the crypto sector was safe long term as "each term there are cascading effects, the effects become smaller".
Regarding FTX, Zhao said he blames himself "for tweeting that too late" after his tweets raising concerns about the financial credibility of the platform precipitated its collapse.
He has faced criticism for asking questions about the liquidity of rival exchange Coinbase (NASDAQ:COIN) and digital currency investor Grayscale Investments in since deleted tweets.