Singapore One Of The Countries Most Impacted by FTX Bankruptcy

Singapore One Of The Countries Most Impacted by FTX Bankruptcy.

The collapse of cryptocurrency exchange FTX has had the greatest impact on South Korea, Singapore, and Japan, according to a new analysis.

South Korea, Singapore, and Japan were hit hardest by the collapse

Coingecko reports that Korea, Singapore, and Japan were hardest hit by the collapse of the crypto exchange FTX, with a combined 15.7% share of traffic.

Government officials in South Korea are currently drafting a comprehensive regulatory framework called the Digital Asset Basic Act in response to the FTX fallout.

The analysis indicated that South Korea was most affected by the fallout of FTX, as 297,229 unique users visited monthly, or 6.1% of its traffic.

Second most impacted country, Singapore is Asia’s cryptocurrency hub, contributing 5% of all traffic to Statistically, this represents 241,675 unique users per month

Read More: SBF To Testify At Hearing On FTX Collapse This December 

After Binance’s shuttering in December 2021, many Singaporeans switched to FTX, explaining why Singapore ranks so highly in the list of countries to be impacted by FTX’s closure.

A total of 223,513 unique users visited the FTX website monthly in Japan, accounting for 4.6% of traffic to the website.

Others countries affected by the failure

In addition to the three countries mentioned above, Russia, Germany, Turkey, Taiwan, India, Egypt, and Brazil were also impacted by the FTX meltdown.

Taking the number 12 spot was the United Kingdom, followed by Canada in 15th. The United States came in 18th.

FTX site visitors from the US accounted for 92,935 of the total, however it does not include the separate domain FTX US.

Mexico, Saudi Arabia, and Morocco are among the 30 countries least affected by the FTX collapse.

Read More: Huobi Global Advisor, Justin Sun to Consider Purchase FTX Assets

A swift and turbulent collapse of FTX led to the exchange declaring bankruptcy on November 11, with Sam Bankman-Fried resigning as CEO.

A total of 130 affiliated companies, including Alameda Research, the exchange’s parent company, are involved in Chapter 11 bankruptcy voluntary proceedings.

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Jamilatul Mahmudah

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