Coingecko Report Ranks Worst Hit Nations in the FTX Crash

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According to a Coingecko report released last Thursday, South Korea, Singapore, and Japan are the nations most harmed by the demise of the cryptocurrency exchange FTX. Based on data from SimilarWeb from January to October, the study analyzes FTX.com’s monthly unique visitors and traffic by nation.

The data, reported by News.Bitcoin shows that South Korea is the country most affected by the effects of FTX, with 297,229 unique visitors from it visiting FTX.com on a monthly average. This accounted for 6.1% of all visitors to the website.

Singapore, which accounted for 241,675 unique visitors per month and 5% of the site’s global traffic, is the next most negatively affected nation on the list. Users of Binance are said to have transferred to FTX when Binance shut down its Singapore operations in December last year.

Japan is the third-most affected nation on the list, with 223,513 unique users visiting the FTX website each month, making up 4.6% of all website traffic. Japanese company Softbank contributed $100 million to FTX earlier this year.

Top Ten Worse Hit Nations by FTX Meltdown: Coingecko

Source: Coingecko

Along with the three nations stated above, Russia, Germany, Turkey, Taiwan, India, Egypt, and Brazil were among the top 10 nations affected the most by the FTX disaster. Only 92,935 of the visitors to the FTX website were Americans, according to the research. However, since FTX US uses a different domain, it excludes visits to that site.

FTX is now being looked into in several nations. The exchange is being looked into by the US Department of Justice (DOJ), Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC) for improper handling of customer funds. Also, the financial intelligence division of Turkey began looking into FTX last week. The Bahamas Securities Commission has been attempting to take the digital assets belonging to FTX.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.