• The Wall Street Journal reported in January that FTX was thinking of rebooting the exchange, sparking excitement within the industry.
• However, interviews with former customers of FTX raise questions about whether there is anything worth bringing back.
• Woefully high latency, bugs in the API traders use to interface with FTX and coding mishaps plagued the exchange since its inception and have complicated potential revival plans.
Dreams of Rebooting FTX Face Reality
When John J. Ray III told The Wall Street Journal in January that he was thinking of rebooting cryptocurrency exchange FTX, it made a splash in the industry. Despite financial woes ultimately leading to its collapse in November 2022, there seemed to be something worth bringing back – exciting both creditors and former customers alike.
Technical Problems Challenged Revival Plans
However, interviews with people at major trading firms who did business at FTX reveal that technical issues may be complicating any potential revival plans. Woefully high latency, bugs in the API traders used to interface with FTX and coding mishaps were all present since its inception, making it difficult for Ray to make progress on his reboot plans after two months.
FTX Technology Was Not Well-Regarded
The technical side of FTX was not well-regarded by former clients who spoke to CoinDesk about their experiences using the exchange’s technology. Latency issues caused slowdowns which could lead to missed opportunities when trading or entering trades too late due to delays or errors in communicating between users’ computers and those of other users on the platform. Additionally, bugs found in APIs used by traders made it difficult for them to rely on data from sources hosted by FTX and coding mishaps led many traders away from using their services altogether.
Anthony Scaramucci’s Involvement
Anthony Scaramucci has been involved with this project as well as a part of “FTX: What Happened” which aims to uncover more information about why exactly this platform failed so quickly after its launch into the market. He will be joined by Brett Harrison (Founder & CEO) and Architect Don (President of U.S arm) during this event held online where they will provide crucial insight into what went wrong with FTX’s short-lived success story.
Based on interviews with former customers and other experts within the industry it appears that while dreams of reviving this short lived success story remain alive; realities show that technical problems have played a huge role in keeping these plans from coming into fruition so far. With Anthony Scaramucci joining forces with Brett Harrison & Architect Don during “FTX: What Happened” we can gain further insight into why exactly this platform failed so quickly after its launch into the market but until then speculation remains rife regarding whether or not a successful reboot is even possible at this point given how much damage has already been done due to poor technical design choices made during its creation process..