Cryptocurrency prices rallied on Monday after Binance Holdings Ltd.’s CEO Changpeng Zhao announced plans to launch a crypto recovery fund to help industry players facing a liquidity crunch. Bitcoin edged towards $17,000 following Zhao’s announcement.

Zhao said the fund is intended to prop up investor confidence following the dramatic collapse of FTX crypto exchange, which wiped out about $200 billion in crypto market value. Zhao has not announced any details.

Meanwhile, there were growing signs that customers of the bankrupt digital-asset exchange have little chance of recovering much of their deposits.

FTX Trading International held just $900 million in liquid assets on Thursday — the day before it filed for Chapter 11 bankruptcy — against $9 billion of liabilities, according to sources familiar with the matter.

Speaking at the B20 Summit in Indonesia, Changpeng Zhao pledged to launch a fund to help crypto markets recover from FTX’s collapse. He singled out people he described as bad actors in the crypto space who “try to cut corners to grow quickly,” and called on industry leaders to “set strong standards” in volatile digital markets.