FTX is very well known in the world of cryptocurrency and not for a good reason. Because of this exchange a lot of people have lost their hard-earned money and losing money is never a good experience. All this happened in the year 2022 and there was a series of events causing damage in the crypto market. Later the exchange filed for bankruptcy which is called Chapter 11 in the US.
This is also a clear case that whatever has happened because of this exchange is the unfair practices followed by the exchange. They were using customer funds for different purposes and this is not right as per business ethics. In between the court has ordered the exchange to sell off its asset and compensate the losses to the users which has also been done. However, this compensation is not sufficient to accommodate the entire loss that people had to go through.
Although the damage and market crash we have seen because of bad incidents is not something that we can easily forget. We don't know how things are going to happen in the market and undoubtedly the centralised exchanges are required because not everyone is fine to deal with decentralised exchanges.
Now there are some articles in these people saying that the FTX is trying to come back. It is always a possibility because exchange can do this by making some changes in the organisational hierarchy. But the question is are you going to trust this exchange that has done very badly in the market and affected millions of users losing their funds?
Even if some changes are made and it is shared that now it will be managed in a fair way. I was about to make my registration in this exchange but somehow it's just delayed and in between this tragedy happened in the market so no matter what happens I'm not going to rely on this exchange. There are so many better options available in the market and I expect many more will come in future but trusting an exchange that has done badly in the past is bad and we should not rely on such exchanges when it comes to our money.
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