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A new analysis shows that South Korea, Singapore and Japan were hit hardest by the collapse of the FTX cryptocurrency exchange. Moreover, Russia, Germany, Turkey, Taiwan, India, Egypt and Brazil were also among the top ten countries most affected by the FTX collapse.

Countries most affected by FTX failure

South Korea, Singapore and Japan top the list of countries most affected by the collapse of the FTX cryptocurrency exchange, according to an analysis by Coingecko released Thursday. The study analyzes FTX.com monthly unique visitors and traffic by country based on Similarweb data from January to October. The cryptocurrency exchange filed for Chapter 11 bankruptcy on November 11.

According to the analysis, South Korea was the hardest hit by the FTX drop, with an average of 297,229 unique users from that country visiting FTX.com on a monthly basis. This represents 6.1% of the site’s traffic.

The next most affected country is Singapore, where 241,675 unique users visit the FTX website each month, accounting for 5% of the site’s traffic worldwide. When Binance closed its operations in Singapore last December, Binance users reportedly switched to FTX.

The third most affected country is Japan, where 223,513 unique users visit the FTX website each month, accounting for 4.6% of the website’s traffic. Earlier this year, Japanese conglomerate Softbank invested $100 million in FTX.

South Korea, Singapore and Japan are the countries most affected by the collapse of FTX: report
List of 10 countries most affected by the collapse of FTX. Source: Coingecko.

In addition to the above three countries, Russia, Germany, Turkey, Taiwan, India, Egypt and Brazil were also among the top ten countries most affected by the FTX collapse. The analysis shows that only 92,935 visitors to the FTX website were from the US. However, it does not include traffic to FTX US, which uses a separate domain.

FTX is currently under investigation in various countries. In the US, the Department of Justice (DOJ), the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC) are investigating the exchange for mishandling customer funds. Last week, Turkey’s FIU launched an investigation into FTX. The Bahamas Securities Commission is trying to confiscate FTX cryptocurrencies.

FTX’s new CEO John J. Ray, III, who took over from Sam Bankman-Fried after filing for bankruptcy, said last week: “Never in my career have I seen such a complete failure of corporate control and such a complete absence of a sound financial system.” information about how it happened here.

Tags in this story

FTX affected countries, FTX collapse, FTX fall, FTX Germany, FTX India, FTX Japan, FTX crisis, FTX Russia, FTX Singapore, FTX South Korea, FTX Turkey

What do you think of all the countries affected by the FTX crash? Let us know in the comments below.

Kevin Helms

Austrian economics student Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests are in bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

Denial of responsibilityA: This article is for informational purposes only. This is not a direct offer or solicitation to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly liable for any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods or services mentioned in this article.

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