As the world began investing in Cryptocurrencies, Ftx gained popularity. In early November, the cryptocurrency crashed, leading to $32 billion in losses. Starting on November 8th, the company blocked all withdrawals from wallets and even cut off communication on its official channel.
Italians that were affected by this crash took to the channel Telegram to organize themselves. Entrepreneur and crypto investor, Mario Garofano said, "We went from 18 to 3,000 people in a short time. Hard to think that in Italy there are many more." It is said that the 3,000 young Italians that invested in Ftx had invested up to 5,000 euros each. Garofano said, "At the moment it is not possible to have precise numbers, but investors in Ftx are people with at least good digital skills." This means the number could be slightly higher than what is predicted.
While Ftx was far less popular in Italy than Binance and Coinbase, a committee was formed in Italy to try and recover some of the $32 billion lost during the crash.
Source: breakinglatest.news