I think @colinwu is very right about the collapse of BitMart and BitMex. These two companies did not collapse due to explosive events; it is very different from the sacrifice of FTX. The main reasons are business problems.

In 2023, BitMart had approached some of its partners to discuss acquisition. At that time, they even prepared a lot of data, but in the end, it came to nothing. In fact, one reason for the decline of many third-tier exchanges is the impact from Binance's Alpha.

Small exchanges are essentially the stronghold of various altcoins, pump-and-dump coins, pyramid scheme coins, and community coins, but the emergence of Alpha has given these coins a better origin, which has also led to a significant reduction in listing fees for third-tier exchanges and a decrease in profits for joint market-making.

Another reason is the signal teachers. In fact, the total number of signal teachers is not that many, but they have many followers coming and going. These teachers basically roam across various exchanges, and once a new exchange offers better profits, these teachers will quickly shift their people.

Recently, several well-known fraudulent exchanges generally follow this model.

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