Cryptocurrency exchange Binance on Thursday announced new details about its industry recovery fund, which aims to prop up struggling players in the wake of FTX's calamitous bankruptcy.BUSD is a stablecoin issued by blockchain infrastructure firm Paxos and is approved and regulated by the New York State Department of Financial Services, according to Paxos' website.FTX's failure was triggered in part by a tweet posted by Binance's CEO which drew attention to a CoinDesk report raising questions over its accounting.Since FTX's rapid winddown two weeks ago, investors have fretted over a possible crypto contagion affecting every corner of the industry.In the first court hearing for the bankruptcy case on Tuesday, a lawyer for the company gave a damning verdict of FTX and its leadership, saying the company was run as the "personal fiefdom" of Bankman-Fried."