In South Africa, Nigeria and Ghana, FTX held a series of swish events in the months leading up to its bankruptcy filing in the US on November 11, which sent shock waves through the crypto world and saw major coin prices plummeting
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.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Podcast | Books and Beverages: Gauteng book festival to showcase the limitless of Africa | City PressThis week, supporter and champion of SA literature Lorraine Sithole graces us with her presence ahead of the Gauteng International Book Festival (GIBF) taking place at Ubuntu Kraal in Soweto.
Read more »
Labour unions: Why they are not good for South Africa | City PressSindile Vabaza | An often-overlooked aspect of low wages in South Africa is that workers do not have much labour market mobility or job choice and so employers naturally have the upper hand when negotiating pay
Read more »
Claims of drunk players rock a Safa women’s league affiliate | City PressThe Tshwane University of Technology (TUT) women’s football team is embroiled in controversy after some of its players allegedly showed up intoxicated for their match against Richmond FC last month.
Read more »
DD Mabuza will be president by Christmas - Malema | City PressThe EFF say they will ask the DA as the biggest opposition party to table a motion of no confidence against President Cyril Ramaphosa when Parliament sits on Tuesday, and if the DA cannot do so, they will
Read more »
Phindile Gwala-Ngandu taken to court for failure to pay electricity bill | City PressA Johannesburg-based body corporate wants to disconnect electricity where Imbewu:The Seed actress Phindile Gwala-Ngandu lives, claiming that she failed to pay for the electricity consumption and utilities amounting to more than R100 000.
Read more »
Modidima Mannya | Why the section 89 panel report is flawed | City PressMany will ask questions how such a high-powered panel could have missed some of the basic principles of law and made conclusions that are not sustainable in law.
Read more »