Jason Choi, former partner at Spartan Capital, shared a pessimistic prediction on Twitter about the subsequent impact of the FTX incident.

He believes that it will be difficult for FTX users to redeem their assets, institutional investors will lose confidence in the next few years, and crypto regulation will become more stringent. Project financing will therefore be very difficult, and more projects will go bankrupt or experience Rug Pulls.

In addition, there will be large-scale mergers and acquisitions and integration in the crypto industry, and Binance will occupy more market share; at least 50% of the talents entering the crypto field after 2021 will be lost.