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Assessing the Impact of the FTX Debacle on South Korea and More

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South Korea has begun a probe into cryptocurrency exchanges in the country in relation to offering native tokens, as per a local news report. The Korea Financial Intelligence Unit (KoFIU) is the financial regulatory agency of South Korea. This regulatory body was investigating this matter in the wake of the bankruptcy filing of crypto exchange FTX.

The price fall of FTT tokens, the native tokens of FTX, were behind the collapse of crypto exchange FTX and its 130 affiliate firms. On 11 November, the exchange filed for bankruptcy as a result.

South Korea: The worst-hit country due the FTX collapse

As per a CoinGecko analysis, South Korea leads the list of countries in terms of the number of FTX users. Among all countries, South Korea saw the highest traffic share of 6.1%. This meant that at least 297,229 unique monthly users visited on an average.

The study also examined monthly unique visitors and traffic share by country on desktop and mobile web. This was based on SimilarWeb’s data from January to October 2022.

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