FTX Bankrupt Exchange is Looking for a Comeback
FTX, the bankrupt cryptocurrency exchange, is looking to make a comeback. The exchange has been struggling since it first opened its doors in 2018, but now it appears it could be making a return.
FTX was originally founded by the Hong Kong-based cryptocurrency trading platform BitMEX and was quickly embraced by traders looking for a new way to trade their digital assets. The platform quickly grew in popularity, becoming one of the top exchanges on the market.
However, in mid-2019 FTX ran into issues with its payout system. This led to illicit withdrawals from customers’ accounts, leaving many customers out of pocket and FTX unable to pay back any funds.
Now the exchange is trying to make a comeback. FTX recently announced that it has secured funding from venture capital firms, allowing it to move forward with its plans for a full recovery.
The company has already made some progress on its path towards recovery. It has launched an upgraded version of its platform with improved features and better security protocols.
It has also implemented new anti-fraud measures to protect customer funds and reduce risk for traders. These measures include introducing KYC (Know Your Customer) protocols as well as limiting leveraged positions on accounts.
FTX will also be introducing margin trading, allowing traders to borrow money against their deposits. This could give traders additional liquidity and allow them to make more trades than before.
The new version of FTX is expected to be released later this year and will hopefully see the exchange become more competitive in the crypto trading world once again.