South Korea, Singapore, Japan Top Countries Most Impacted by FTX Collapse: Report

A brand new evaluation reveals that the international locations most impacted by the collapse of cryptocurrency change FTX are South Korea, Singapore, and Japan. Moreover, Russia, Germany, Turkey, Taiwan, India, Egypt, and Brazil additionally made the highest 10 checklist of nations most affected by the FTX meltdown.

Countries Most Impacted by FTX Failure

South Korea, Singapore, and Japan prime the international locations most impacted by the collapse of the cryptocurrency change FTX, in line with an analysis by Coingecko, revealed Thursday. The research examines FTX.com’s month-to-month distinctive guests and visitors by nation primarily based on Similarweb information from January to October. The crypto change filed for Chapter 11 bankruptcy on Nov. 11.

According to the evaluation, South Korea is most impacted by the fallout of FTX as 297,229 distinctive customers from the nation visited FTX.com month-to-month on common. This represented 6.1% of the web site’s visitors.

The subsequent most-impacted nation is Singapore the place 241,675 distinctive customers visited the FTX web site month-to-month, representing 5% of the location’s visitors globally. When Binance shut down its Singapore operations in December final yr, Binance customers reportedly switched to FTX.

The third most-impacted nation is Japan the place 223,513 distinctive customers visited the FTX web site month-to-month, accounting for 4.6% of the web site’s visitors. Earlier this yr, Japanese conglomerate Softbank invested $100 million in FTX.

Besides the three aforementioned international locations, Russia, Germany, Turkey, Taiwan, India, Egypt, and Brazil additionally made the highest 10 checklist of nations most impacted by the meltdown of FTX. The evaluation reveals that solely 92,935 FTX website guests had been from the U.S. However, it doesn’t embrace visitors to FTX US which makes use of a separate area.

FTX is at present underneath investigation in varied international locations. 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 change for mishandling buyer funds. Turkey’s monetary intelligence unit started investigating FTX final week. The Bahamas Securities Commission has been trying to seize FTX’s cryptocurrencies.

The new FTX CEO, John J. Ray, III, who changed Sam Bankman-Fried following the chapter submitting, said final 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.”

What do you concentrate on all of the international locations impacted by the collapse of FTX? Let us know within the feedback part under.