Infographic | Who dominates crypto exchange landscape?

FTX, one of the largest crypto exchanges, filed for bankruptcy which is likely to shake customer confidence in cryptocurrency

The bigger they are, the harder they fall. At its height, FTX was considered to embody the vision of the future of money itself, thanks to the person at the centre Sam Bankman-Fried.

However, since then, 130 companies in the FTX Group owning the crypto exchange FTX, officially filed for bankruptcy due to an assortment of factors. It all began on November 2, when CoinDesk reported that Alameda Research held $14.6 billion in FTT coin. Binance, FTX's biggest rival, tweeted that this did not bode well, which triggered an avalanche of people trying to pull their money out of FTX.

Binance initially offered to buy the company but then pulled out.

SBF, the FTX CEO who could play League of Legends and convince Sequoia to invest in the company, has now resigned and the latest default is likely to hurt a shaky crypto industry further.

Many have argued that the current condition of the cryptocurrency market is just a dip, but the crypto winter - an extended period of depressed crypto asset prices - could have real and lasting impacts on one of finance's most volatile sectors. Since May 2022, 38 companies including crypto exchanges BitMEX and Coinbase, have laid off employees.

Amid the not-so-good news emerging from the crypto sector, here is a look at the year-to-date trading volume on the biggest crypto exchanges.

The representation, based on data as of November 11, shows FTX ranking fourth behind Coinbase and OKX. Binance remains the clear frontrunner in terms of trade volume. FTX token price (FTT) has fallen to $1.51 at the time of writing, and Sequoia has zeroed its investment in FTX as worthless.

Amid the flux in the market, US lawmakers have begun clamouring for tighter regulations on crypto, to better understand misconduct and abuses that take place.

The Binance CEO does not view FTX's downfall as a win, noting in a letter sent to the Binance team that this will shake confidence in crypto further.

However, by championing transparency, the Binance CEO hopes to ride out this wave impacting the industry.