The collapse of FTX leaves Indian crypto users with questions, distrust, and empty wallets

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Synopsis
India had a traffic of 154,356 unique users on FTX. Even as the impact of the crypto platform’s debacle is unfolding, its users in India, who have invested their savings, are shocked and scared. Their sentiments about crypto are at the lowest in the wake of a series of events that set off the 2022 crash. The question on their minds: Can they trust any exchange at all now?

Anand (name changed), a native of Jaipur, has been the user of the cryptocurrency exchange, FTX, since 2020. Its ease of use and innovative tools for trading had attracted Anand, who had invested as much as USD2,000 during the crypto bull market of 2021. “The platform was so good that I asked all my friends and relatives to invest using FTX,” Anand tells ET Prime. His advice hinged on four reasons. It was registered in the US, where the