The crypto industry continues to be shaken by the aftermath of the FTX crash, but according to analysts at Chainalysis, the industry has experienced more serious shocks.
As Eric Jardine, head of research at Chainalysis, noted, Mt.Gox held a significantly larger market share than FTX during the crash in 2014. According to him, the Mt.Gox platform accounted for about 46% of the inflow of funds to all cryptocurrency exchanges, and the share of FTX before the bankruptcy began did not exceed 13%.
Jardine also emphasized another feature – with the development of the industry, decentralized platforms took almost half of the inflow of funds, while at the time of the collapse of Mt.Gox there were no decentralized exchanges yet. And it was Mt.Gox that led the cryptocurrency market.
At the same time, despite the scale of Mt.Gox, activity in the cryptocurrency industry recovered and even grew in a year. In the case of FTX, the recovery process should be even faster.
Note that Mt.Gox users who lost money have not yet received compensation for losses. However, there are enough bitcoins left on the wallets of the exchange and affected users can apply for a refund.