One of the biggest effects that is overlooked is going to be probably on Ukraine since their corrupt government has had investments in FTX and they were even laundering a large amount of donated money through this exchange turning a large part of it to bitcoin to store in their private offline wallets for the future.
This is very inhumane corruption, using donation funds to deal with the effects of war instead of being made into warm cakes for self-serving governments.
This is a big blow to crypto community with the countries on this list and how much loses made. I hope the government won't begin a difficult regime that will affect exchange operations in their jurisdiction to protect their citizens. I'm sure Nigerians deal more with binance which is why it is not on the top list.
Not just a big blow, it became the biggest fraud in cryptocurrency history. That's why Sam Bankman-Fried is using his connection to cover up all the scandals he did through well-known politicians besides his mother being a lawyer.
But you're right, they'll give priority to finance over that matter.
Honestly, when we are talking about just a few billion dollars, that's not going to impact the nation as a whole, it will just impact the investors, that's it. I know it's quite common that people end up with a lot of loss personally and that individual loss feeling makes you wonder how any more people are impacted, but it's not about the size, but more about the number of people. Nations such as South Korea deal in hundreds of billions of dollars every year even more if you calculate the size of both imports and export and also what's going on inside daily, so just a few billion dollars here wouldn't really change much for the country.
What the Founder of Ftx did was a very bad and cunning move by a man who is wild about money, because, in my opinion, he intended to declare bankruptcy and release it without funds, so that all the investors who put big money into his FTX Platform.
On November 11, SBF resigned from the position of CEO, then was replaced by a new CEO named John J Ray III. In all the time John J Ray has worked on bankrupt companies, he has never handled a bankruptcy as bad as FTX's, as he notes:
1. Employee requests replacement via chat approved by emoji
2. Almeda Research lends $1 billion and Nasdaq Singh $543 million
3. FTX employees use auto-delete messages
4. FtX has never held a board of directors meeting
5. FTX does not have a cash management system, and management does not know how much funds they have
6. Some FTX employees are suspected of being fake
7. Employees use company money to buy property on their behalf
This event is the darkest in crypto history, maybe the domino effect will be bigger and longer than Mt.Gox, even Solana and Genesis are reportedly threatened with bankruptcy due to their association with FTX.
, no one should leave their coins on centralized exchange.
