before his FTX cryptocurrency exchange collapsed, co-founder Sam Bankman-Fried tweeted “Hello, West Africa!” – his latest nod to a region where a growing number of kitchen table investors had put their faith, and savings, in FTX.
Osarieme Aghedo, who works in marketing at a Nigerian start-up and had $8 720 in FTX as news of its implosion circulated on Twitter said:He tried in vain to withdraw his money, with which he had hoped to buy a car next year. Even as regulators crack down on crypto, people in developing nations are embracing virtual currencies to avoid high commissions on remittances and to preserve their savings in times of hyperinflation and political instability.
South Korea, Singapore and Japan accounted for the highest number of visitors to FTX.com until October, according to data compiled by crypto site Coingecko.Singaporean Edward Choy was at work when he heard about a liquidity crunch at FTX. He immediately began getting his deposits out, just hours before withdrawals were suspended.
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