The FTX collapse seems to be the most impacted crypto disaster this year, I think it’s worst than the Luna crash, the reason the Luna crash felt like it was the biggest crypto collapse this year was because it was the first, we were just 5 months into the year, so everything felt so fresh. But then, FTX, Or rather, Sam BankMan Fried came in as the crypto messiah giving a lot of people too much hope. I was among the people that were ready to defend FTX and the company that, they are the most liquid crypto exchange in the world and can never collapse. But I guess luck was on my side because I was fortunate enough to remove my money from FTX weeks before the collapse.
Lots of people in different countries got badly affected by the FTX collapse. Countries have been ranked based on the FTX impact but this is classified based on their users and the number of their users. The Asian countries showed to be highly impacted by FTX, but could this had been because of the rigorous crypto ban placed on these country by their government? FTX was acting as the only company trying to be regulatory compliant giving the whole world the idea that it’s crash proof and it’s the safest, so they all migrated to FTX, the only accessible crypto exchange available.
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The United States had their own which was the FTX.US, so clients on FTX.US still have their wallets active. I have deleted my FTX app a long time ago, since I heard a hacker hacked it and was selling people’s data through the app. This will obviously lead to more crypto regulation, the centralized crypto space is expected to get tighter and more regulated.
Just another subtle reminder to get your cold wallet and get your coins off centralized crypto exchanges, to keep your assets safe and avoid further loss of assets. Right now, the most powerful land most influential crypto exchange in the world is Binance, if that exchange gives any sign of bankruptcy or collapse, it’s going to affect the crypto industry greatly. Binance should hold at least 35% of the total crypto market. Almost everyone uses Binance and I am sure that a lot of people have invested in Binance.
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It looks like Asia was hit the hardest by the FTX collapse but I don't think we have seen the last of it. There were too many centralized crypto companies that had funds in FTX and it might be lasting another few months before everything comes out to light.
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as expected, time will tell