These Countries Were Hit The Hardest By the FTX Collapse – Find Out Why
South Korea, Singapore, and Japan are the three countries most impacted by crypto exchange FTX's infamous implosion, with a combined 15.7% traffic share to FTX.com, said a report by Coingecko.
The methodology of the study, as explained by Julia Ng, who leads Growth Marketing & PR at CoinGecko, included the examination of the monthly unique visitors and traffic share by country on FTX desktop and mobile web, and was based on SimilarWeb data from January to October 2022.
Based on this, the study published on Thursday found the top three most impacted countries in the world.
1. South Korea
South Korea was hit the hardest by FTX’s collapse. It saw the highest traffic share among all the countries worldwide, 6.1%, representing 297,229 unique users on average visiting FTX.com monthly, across desktop and mobile web, the report said.
It added that,
"The FTX fallout has propelled South Korea’s government officials to draw up the Digital Asset Basic Act, a comprehensive regulatory framework that is expected to be finalized next year."
Notably, the eye of the South Korean regulators was already firmly fixed on the crypto industry following the massive collapse of the Terra / LUNA ecosystem this year. As reported yesterday, in the latest related news, officials confiscated over $100 million worth of funds belonging to Terraform Labs co-founder Shin Hyun-Seong (Daniel Shin).
2. Singapore
This country saw 5% of the traffic to FTX.com globally, or 241,675 monthly average unique users.
It is significant to note that Singapore is widely seen as Asia’s cryptocurrency hub. The report argued that,
"The shuttering of [crypto exchange] Binance in December 2021 saw Binance users in Singapore switching to FTX, and may explain why Singapore
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