Investors and other interested crypto parties had a landscape of industry devastation to survey on Thursday – FTX related and otherwise.

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In the immediate foreground was CoinDesk scoopmeister Ian Allison’s report that Binance was preparing a bid for bankrupt lending platform Voyager Digital, citing a person familiar with the plans.

A previous auction, which was completed around the end of last September, saw the now defunct FTX emerging as the “white knight,” winning out against rivals Wave Financial and Binance. At the time, CoinDesk had also reported that Binance's bid for the U.S.-based Voyager had been shut out due to national security concerns.

The story dovetails with Binance CEO Changpeng “CZ” Zhao’s comments that his exchange, the world’s largest by trading volume, is setting up an industry recovery fund to help rebuild the industry. Voyager’s VGX token was recently up more than 48% on the news.

Looming in the background, was the widening fallout from FTX’s liquidity crisis stemming from an earlier Allison report about the misappropriation of its FTT token and filing for Chapter 11 bankruptcy protection.

Brutal assessment. On Thursday, FTX’s Interim CEO John Ray, who has witnessed more than his share of corporate incompetence overseeing the bankruptcies of energy company Enron and other major companies, offered this take: "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," Ray said in a court document filed on Thursday."From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented."