December 5, 2022

CoinGecko: FTX Collapse Caused Maximum Losses to Users in 30 Countries

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CoinGecko: FTX Collapse Caused Maximum Losses to Users in 30 Countries

CoinGecko analysts have prepared a report on the impact of the collapse of the FTX exchange on users from various countries. Based on data from the SimilarWeb Internet analytics service from January to October 2022.

Head of Marketing and Communications DepartmentCoinGecko's Julia Ng told CoinGecko that the research methodology involved examining the number of monthly unique visitors and the share of traffic by country on FTX's desktop and mobile websites.

The results of the analysis showed that the mostThree countries were affected by the collapse of the FTX cryptocurrency exchange: South Korea, Singapore and Japan, which in total lost 15.7% of the total share of traffic on FTX.com, according to a Coingecko report.

CoinGecko: FTX Collapse Caused Maximum Losses to Users in 30 Countries

South Korea hardest hit by the collapse of FTX.The report states that it has the highest share of traffic of any country in the world on the website of the collapsed crypto exchange: 6.1%. That's 297,229 unique users who averaged monthly visits to FTX.com via desktop and mobile browsers.

Singapore takes second place.The country accounted for nearly 5% of all global traffic on FTX.com, with 241,675 unique users per month on average. In December 2021, the Monetary Authority of Singapore (MAS) ordered the closure of the popular Binance exchange in the country. As a result, local Binance users have switched to FTX en masse.

As the aftershock from the collapse of FTX continues to devastate crypto markets around the world, Singaporean government fund Temasek decided to write off
a $275 million investment in a bankrupt cryptocurrency exchange.

Japan is in third place with a traffic share of 4.6%, representing about 223,513 unique users visiting FTX.com on an average monthly basis. The CoinGecko study noted that in addition to private clients, local institutional investors suffered losses. Japanese investment giant SoftBank lost more than $100 million invested in FTX at the beginning of the year along with other sponsors such as Lightspeed Venture Partners, Tiger Global and Insight Partners. A few days ago, Japanese exchange Liquid, which was acquired by FTX this year, suspended
withdrawals from their platform.

The top ten most affected also include users from Of Russia, Germany, Turkey, Taiwan, India, Egypt andBrazil. The UK ranks 12th on the list, Canada 15th and the US 18th. The three least affected by the FTX collapse among the top 30 countries were Mexico, Saudi Arabia and Morocco.

Formerly an expert at the international bank CITI JosephAyub (Joseph Ayoub) stated that there will be a struggle for the place of the FTX exchange in the cryptocurrency market, but at the same time there is a serious risk of a wider spread of the crisis throughout the cryptocurrency ecosystem.