Binance launched the Industry Recovery Initiative (IRI) in response to the FTX crisis to help struggling crypto projects that were experiencing liquidity issues. Bloomberg reports that the startup has actually given away less than $30 million of the $1 billion allocated.

Binance has promised about $1 billion through its BUSD stablecoin for the IRI, and other crypto firms like Jump Crypto, DWP Labs, Animoca Brands, Aptos Labs, GSR, Kronos Research, Booker Group, and Polygon Labs have each contributed an additional $70 million.

Only Aptos Labs has used all of the monies it committed, out of the nine participants who were publicly reported. Despite earlier assurances of transparency, Binance failed to disclose the names of these projects or the precise sums distributed, even though it claimed that a total of 18 companies participated.

The most prominent investment was a $15 million stake held by Binance in GOPAX, a South Korean cryptocurrency exchange. The South Korean financial authority has yet to approve this transaction, nevertheless, due to a holdup in July.

It was revealed that among the participants, DWF Labs spent $2 million of its $15 million IRI pledge, while Aptos Labs spent more than its $5 million commitment. The other participants either did not distribute money or were unable to be located.