The collapse of the FTX exchange remains one of the saddest events to affect the crypto industry so far. Crypto analysis company CoinGecko has made new announcements about the impact of this drama. CoinGecko’s analysis cites the 30 countries most affected by the FTX debacle and the extent of the damage sustained. With a combined traffic share of 15.7% on FTX, South Korea, Singapore and Japan are the most affected states. It’s not just them, several other states are in the red. The FTX debacle hasn’t just made people unhappy in the crypto ecosystem, though.
Top 30 FTX victim states
Since the collapse of FTX, many crypto investors are in turmoil and can no longer access their funds. The FTX debacle has effects in many countries. Nevertheless, some states are more affected than others. This is particularly evident in the analysis note published by CoinGecko.
According to CoinGecko’s figures based on the analysis of traffic by country on FTX.com and SimilarWeb’s database from January to October 2022, three countries were hit hard by the FTX collapse.
These are South Korea with its 297,229 monthly users on FTX.com, Singapore which has 241,675 monthly users on the platform and Japan whose monthly users on the exchange are estimated at 223,513.
These three countries account for 15.7% of traffic on FTX (6.1% for South Korea, 5% for Singapore and 4.6% for Japan).
Several other states are included in the list of 30 states affected by the FTX collapse.
According to CoinGecko’s data, it turns out that the FTX wave has indeed reached all continents in different proportions.
Thus, we find American states (Canada, Brazil, the USA, Argentina, Colombia and Mexico), European countries (Russia, Germany, Turkey, Italy, the United Kingdom, France, Ukraine, Switzerland), and Asian countries (Taiwan, India, Thailand, Hong Kong, the Philippines, the United Arab Emirates, Vietnam, Indonesia, Saudi Arabia), African countries (Egypt and Morocco) and Oceania (Australia) in the Top 30 FTX victims.
The winners of the FTX collapse
The FTX bankruptcy has taken a huge toll on its investors and users. However, there are crypto players who have benefited from this drama. This is particularly some competitors of FTX.
CoinGecko reports that Binance and OKX, two cryptocurrency exchanges, have seen their market share rise.
While OKX has seen its market share increase by only 1.1 points, Binance’s has increased by 7 points!
However, it should be remembered that overall, the collapse of FTX has not really been beneficial for its competitors. The fall of this platform has shaken the confidence of crypto users in centralized exchanges a little more. As a result, large volumes of funds have been withdrawn from the exchanges to be placed in decentralized wallets.
The publication by some exchanges of their cash flow has obviously not calmed the storm. Today, the Genesis exchange is on the verge of bankruptcy.
The important lesson to learn from the FTX drama is that the assets you place on an exchange do not belong to you. Today, more than ever, the famous phrase “not your keys, not your assets” makes sense. Fortunately, Coinpri exists to provide you with simple and practical advice on how to secure your assets.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.