/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Supra_Et_Ultra_2023_7_25_94252.263_1440p_streamshot.png)
One of the most catastrophic events in the crypto world last year – the termination of FTX – negatively affected the entire industry. This undermined trust in centralized exchanges, causing many investors to withdraw from them and turn to self-custody or sell their stash.
The collapse prompted some platforms to take additional measures and up their game in the area of security. According to data provided by blockchain analytics firm – Nansen – exchanges such as Bybit, Kraken and BitGate have recovered from the FTX shock and increased their trading volumes during the first half of 2023.
FTX Meltdown Winner
deep nansen analysis estimated That the FTX crash in November 2022 changed the CEX landscape, with many exchanges experiencing record outflows and reduced investor interest in late 2022 and early 2023.
Some of the biggest losers appear to be Bitfinex, Kucoin, Gate.io and OKX. Bitfinex’s average monthly spot trading volume was over $12 billion in the six months before the crash, compared to $5 billion in the half year after.
Kraken, on the other hand, increased its spot trading volume by almost 14%, while Byte registered a 7% increase.
“Most exchanges took a hit on their spot trading volumes with the notable exceptions of Byte and Kraken, which managed to increase their volumes,” the report said.
Although Binance was initially rumored to have a hand in the FTX explosion, the world’s largest cryptocurrency platform has remained relatively unfazed. Its average monthly spot trading volume has shifted from approximately $445 billion to approximately $444 billion.
There has been a slight decline in derivatives trading volumes in this sector, which saw a significant increase in November last year (till the time of the collapse).
The only winner here seems to be BitGate, which averaged $194 billion in that sector in the six months before the disaster, compared to $204 billion afterward. Bitfinex and Kucoin were once again on the losing side, marking lows of 40% and 41% respectively.
upgrade security policies
While sending shock waves through the entire crypto industry, the demise of FTX caused some exchanges to step up their investor protection programs.
binance increased Its Secure Asset Fund (SAFU) for users is $1 billion, claiming that the assets will be used only in case of an adverse event. Bitget increased its security fund from $200 million to $300 million. Coinbase, Huobi and OKEx were among others taking similar measures.
Many marketplaces have also issued proof-of-reserves to show that they have sufficient funds to refund customer deposits, including Binance. crypto.comKraken, Bybit and okx,
According to Nansen, such moves are important and should become a “minimum standard in the exchange industry.”
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
One of the most catastrophic events in the crypto world last year – the termination of FTX – negatively affected the entire industry. This undermined trust in centralized exchanges, causing many investors to withdraw from them and turn to self-custody or sell their stash.
The collapse prompted some platforms to take additional measures and up their game in the area of security. According to data provided by blockchain analytics firm – Nansen – exchanges such as Bybit, Kraken and BitGate have recovered from the FTX shock and increased their trading volumes during the first half of 2023.
FTX Meltdown Winner
deep nansen analysis estimated That the FTX crash in November 2022 changed the CEX landscape, with many exchanges experiencing record outflows and reduced investor interest in late 2022 and early 2023.
Some of the biggest losers appear to be Bitfinex, Kucoin, Gate.io and OKX. Bitfinex’s average monthly spot trading volume was over $12 billion in the six months before the crash, compared to $5 billion in the half year after.
Kraken, on the other hand, increased its spot trading volume by almost 14%, while Byte registered a 7% increase.
“Most exchanges took a hit on their spot trading volumes with the notable exceptions of Byte and Kraken, which managed to increase their volumes,” the report said.
Although Binance was initially rumored to have a hand in the FTX explosion, the world’s largest cryptocurrency platform has remained relatively unfazed. Its average monthly spot trading volume has shifted from approximately $445 billion to approximately $444 billion.
There has been a slight decline in derivatives trading volumes in this sector, which saw a significant increase in November last year (till the time of the collapse).
The only winner here seems to be BitGate, which averaged $194 billion in that sector in the six months before the disaster, compared to $204 billion afterward. Bitfinex and Kucoin were once again on the losing side, marking lows of 40% and 41% respectively.
upgrade security policies
While sending shock waves through the entire crypto industry, the demise of FTX caused some exchanges to step up their investor protection programs.
binance increased Its Secure Asset Fund (SAFU) for users is $1 billion, claiming that the assets will be used only in case of an adverse event. Bitget increased its security fund from $200 million to $300 million. Coinbase, Huobi and OKEx were among others taking similar measures.
Many marketplaces have also issued proof-of-reserves to show that they have sufficient funds to refund customer deposits, including Binance. crypto.comKraken, Bybit and okx,
According to Nansen, such moves are important and should become a “minimum standard in the exchange industry.”
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
