There are almost 5,200 people on the Ftx Italia Telegram chat. That is the number of persons in the country who may have been affected by the FTX exchange's demise. But there are also estimates that are much worse. Italy, which until a few days ago had the reputation of being the second largest cryptocurrency exchange in the world, was the tenth largest market with approximately 100,000 customers, according to Il Sole 24 Ore. Given that the average deposit of a single FTX user around the world is $26,000, assuming that there are many more retail users in Italy than elsewhere and basing our calculations on an average deposit level of €20,000, we would end up with a €2 billion hole. This could be the number of deposits currently stuck in Italy. The numbers make sense if we think about how people around the world are talking about a possible $30 billion hole. "I'm putting a line under," Marco writes on Telegram, disappointed. "I don't know how to explain what happened. Sam has caused both financial and psychological harm. Because we thought he was a good person. He who took delight in living the 'earn to give' lifestyle based on giving. He turned out to be the exact opposite of what he said he was: a shady scam artist”.
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