Which Countries are Most Impacted by FTX's Collapse?

Which Countries are Most Impacted by FTX's Collapse?

South Korea, Singapore and Japan are the countries most impacted by FTX's collapse, with a combined 15.7% traffic share to FTX.com. Amongst all countries worldwide, South Korea saw the highest traffic share of 6.1%, representing 297,229 unique users on average visiting FTX.com monthly, across desktop and mobile web. 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. 

Singapore, recognised as Asia’s cryptocurrency hub, is the second most impacted country, making up 5% of the traffic to FTX.com globally. In actual figures, this represents 241,675 monthly average unique users. The shuttering of Binance in December 2021 saw Binance users in Singapore switching to FTX, and may explain why Singapore ranks high on the list of countries impacted by FTX’s demise. In recent news, Singaporean state holding company, Temasek wrote down their $275 million investment in FTX.

Following closely and placing third is Japan, with 4.6% of traffic share – representing 223,513 unique users on average visiting FTX.com monthly. Japanese investment giant, SoftBank, invested $100 million in FTX earlier this year alongside other backers like Lightspeed Venture Partners, Tiger Global and Insight Partners. Their announcement came after venture capital firm, Sequoia tweeted a memo to their limited partners, announcing FTX’s liquidity issues and marking their investment down to $0.

Top 30 Countries Most Impacted by FTX's Collapse:

The top 30 countries that are most impacted by the FTX crisis, ranked by unique monthly average traffic, as follows:

*Special Administrative Region (SAR) of the People's Republic of China

$2.6 billion in market capitalization wiped, as FTT token price plummets 90%

FTX’s native utility token, FTT’s market cap plummeted 90% from $24.01 to $2.10 as of November 13, wiping out over $2.6 billion, since news of its liquidity crunch surfaced and Binance’s Changpeng Zhao “CZ” declared the liquidation of its FTT holdings.

In parallel, the wider cryptocurrency market similarly experienced a price drop across the board – with Bitcoin (BTC) falling 23% from $20,597 to $15,742, and Ether (ETH) sliding 30% from $1,585 to $1,095, between November 8 and 10, 2022.

Binance and OKX gains market share, post-FTX crisis

As of November 13, Binance saw an increase in its market share, benefitting with a 7 percentage point increase post-FTX collapse. It now dominates with a 64% market share across the Top 10 centralized cryptocurrency exchanges.

OKX's market share increased by 1.1 percentage points, from 11.9% to 13%.

Methodology

The study examines monthly unique visitors and traffic share by country on FTX.com desktop and mobile web, based on SimilarWeb data from January to October 2022.

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Curious to find out more about our previous research studies? Check out this one we did on Technology Startup Layoffs, by Sector.

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Julia Ng

Julia leads Growth at CoinGecko and is passionate about onboarding more women onto Web3. That said, she is generally poor at timing the market, so she DCAs for safety. Follow the author on Twitter @ngxinyajulia