South Korea, Singapore, Japan Among the Most Affected Nations In The FTX Storm

• South Korea, Singapore and Japan among the Top 3 nations adversely impacted by the FTX crash. 
• Total market capitalization declined, benefiting other major crypto exchanges.
• Major cryptocurrencies, BTC ($15,707.11) and Ethereum value downfall.

The Asian Countries Hit Worst

The latest reports have revealed that South Korea, Singapore and Japan are the top three nations badly impacted by the FTX collapse. 

According to the CoinGecko data, South Korea is at the top in the list of total average of 297,229 unique visitors on the FTX website monthly. This is 6.1% of all traffic over the website. The sudden crash caused the authorities to tighten the crypto regulation. In early 2023, the country will enforce the Digital Asset Basic Act.

The second one on the list is Singapore, contributing 241,675 unique monthly visitors to the FTX website accounting for 5% of traffic. According to the sources, Global investment company Temasek has invested $210 million in FTX and approximately $65 million in FTX US in two funding rounds from late 2021 to January this year. 

According to Bloomberg, the world’s largest crypto exchange withdrew its licensing application due to the failure to comply with Singapore’s anti-money laundering laws. This resulted in the world’s largest exchange halting its operations, due to which its users shifted to FTX. 

The third one on the list is Japan, which has 223,513 unique monthly visitors to the FTX website. It represents 4.6% of all traffic. The notorious Japanese investment conglomerate SoftBank invested $400 million in FTX in January 2022. As the report of the Broadcaster NHK recently noted, the Japanese arm of FtX is preparing to restart customer withdrawals by the end of 2022.   

FTX Sucks Entire Industry

According to the reports, Asian countries drained the most in this crisis. Coingecko represents the top 30 countries based on the number of total users visited on the FTX website monthly, in which Top Ten are Russia, Germany, Turkey, Taiwan, India, Egypt, and Brazil. 

As per the media reports, Taiwan and India are among one the Top 10 Asian countries on the list which are impacted by the FTX crash. According to CoinGecko, total market capitalization slumped to $838 billion, accounting for 3.8%. 

The world’s largest crypto exchange has increased its market share by 7% to a dominant 64% among the top 10 exchanges. OKX has achieved 1.1% taking its market share to 13%. 

Sam Bankman-Fried’s FTX is under severe investigation. The Bahamas Securities Commission has frozen its assets. In the United States, the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), and the Department of Justice (DOJ) are investigating the crypto exchange accused of mishandling customer funds and other suspicious aspects. 

After the crypto’s ‘Lehman Brothers’ crash, major cryptocurrencies have seen consistent ups and downs. At the time of writing, Bitcoin (BTC) is trading at $15,707.11 with a volume of $30.17 billion in the last 24 hours. According to the Etherscan data, as of 21 November, the hackers moved 180,000 Ether ( ETH- $1,088 at the time of writing) to 12 new wallets. Resulting in total theft of $199.3 million by the current market price.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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