• The Wall Street Journal reported in January that FTX’s new boss, John J. Ray III, was considering rebooting the crypto exchange.
• Several former clients of FTX spoke to CoinDesk and revealed that the exchange suffered from high latency, bugs in its API, and coding mishaps.
• Interviews with people at trading firms that used to do business with FTX raise doubts about whether there is anything worth bringing back, possibly explaining why no public progress has been made since Ray’s comments two months ago.
Dreams of Rebooting FTX
In January 2021, The Wall Street Journal reported that John J. Ray III, the new boss of FTX cryptocurrency exchange was considering rebooting it after its spectacular collapse in November 2020. Former customers of the exchange were intrigued by the prospect as it had been one of largest players in crypto before its downfall.
Cold Reality
However, interviews with people from major trading firms which had done business with FTX revealed technical issues which plagued the exchange since its inception such as woefully high latency, bugs in its API traders use to interact with it and coding mishaps. This raised questions about whether a successful relaunch is possible or not which might explain why no public progress has been made since Ray’s statement two months ago.
FTX’s Troublesome Technology
Woefully high latency and other technical problems hampered users’ ability to execute trades on FTX resulting in poor customer experience leading up to its downfall late last year. Bugs on their API caused major inconvenience for traders who relied on them while coding mistakes also added to their woes making things worse for them before its eventual closure towards the end of 2022.
Questions Over Revival Prospects
Interviews conducted by CoinDesk raised questions regarding a potential revival of this exchange as it seemed unlikely given how poorly regarded its technology was even before financial issues led to its demise late last year . With these doubts lurking over any potential comeback for this once popular platform makes it unclear if we will ever see it back again let alone be successful as before or better than ever expected before.
Conclusion
Despite much anticipation surrounding John J Ray III’s announcement of potentially reviving this platform have not been followed through yet due to many underlying problems existing within Ft X’s technology even prior to financial troubles leading up to its closure late last year raising questions over prospects of a successful reboot anytime soon