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.
CoinGecko’s head of marketing and public relations, Julia Ng, said the research methodology included examining the number of monthly unique visitors and share of traffic by country on FTX’s desktop and mobile websites.
The results of the analysis showed that three countries were most affected by the collapse of the FTX cryptocurrency exchange: South Korea, Singapore and Japan, which collectively lost 15.7% of the total share of traffic on FTX.com, according to the Coingecko report.
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 state fund Temasek has decided to write off a $275 million investment in the bankrupt crypto exchange.
Japan is in third place with a traffic share of 4.6%, representing about 223,513 unique users visiting FTX.com on average monthly. 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 its platform.
The top ten most affected also include users from Russia, Germany, Turkey, Taiwan, India, Egypt and Brazil. 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.
Earlier, CITI international bank expert Joseph Ayoub said that there will be a struggle for the place of the FTX exchange in the cryptocurrency market, but there is a serious risk of a wider spread of the crisis throughout the cryptocurrency ecosystem.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
