Bitcoin News and Finance
South Korea, Singapore, Japan Top Countries Most Impacted by FTX Collapse: Report Skip to main content

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

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

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 FTX.com’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.

According to the analysis, South Korea is most impacted by the fallout of FTX as 297,229 unique users from the country visited FTX.com 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.

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.

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.”

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

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory