South Korea, Singapore, Japan Top Countries Most Impacted by FTX Collapse: Report – Featured Bitcoin News

A new analysis shows that the countries most impacted by the collapse of cryptocurrency exchange FTX are South Korea, Singapore, and Japan. Moreover, Russia, Germany, Turkey, Taiwan, India, Egypt, and Brazil also made the top 10 list of countries most affected by the FTX meltdown.

Countries Most Impacted by FTX Failure

South Korea, Singapore, and Japan top the countries most impacted by the collapse of the cryptocurrency exchange FTX, according to an analysis by Coingecko, published Thursday. The study examines’s monthly unique visitors and traffic by country based on Similarweb data from January to October. The crypto exchange filed for Chapter 11 bankruptcy on Nov. 11.

How To Get Free Crypto  

According to the analysis, South Korea is most impacted by the fallout of FTX as 297,229 unique users from the country visited monthly on average. This represented 6.1% of the website’s traffic.

The next most-impacted country is Singapore where 241,675 unique users visited the FTX website monthly, representing 5% of the site’s traffic globally. When Binance shut down its Singapore operations in December last year, Binance users reportedly switched to FTX.

The third most-impacted country is Japan where 223,513 unique users visited the FTX website monthly, accounting for 4.6% of the website’s traffic. Earlier this year, Japanese conglomerate Softbank invested $100 million in FTX.

List of top 10 countries most impacted by the FTX collapse. Source: Coingecko.

Besides the three aforementioned countries, Russia, Germany, Turkey, Taiwan, India, Egypt, and Brazil also made the top 10 list of countries most impacted by the meltdown of FTX. The analysis shows that only 92,935 FTX site visitors were from the U.S. However, it does not include traffic to FTX US which uses a separate domain.

Coinbase Banner  

FTX is currently under investigation in various countries. In the U.S., the Department of Justice (DOJ), the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC) are investigating the exchange for mishandling customer funds. Turkey’s financial intelligence unit started investigating FTX last week. The Bahamas Securities Commission has been trying to seize FTX’s cryptocurrencies.

The new FTX CEO, John J. Ray, III, who replaced Sam Bankman-Fried following the bankruptcy filing, said last week: “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.”

Tags in this story
countries impacted by FTX, FTX collapse, FTX fallout, FTX Germany, FTX india, FTX Japan, FTX meltdown, FTX Russia, FTX Singapore, FTX South Korea, FTX turkey

What do you think about all the countries impacted by the collapse of FTX? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

FreeBitcoin Banner  

Image Credits: Shutterstock, Pixabay, Wiki Commons

Read disclaimer

Go to Source
Author: Kevin Helms

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.