Topic: Will FTX make a comeback? (Read 418 times)

In the beginning, Ftx Exchanger and Binance Exchanger were my main deposit spots. Whenever I made some profit or got paid through Cryptocurrency, I put everything i.e. the whole fund in these two exchanges.  I was lucky they didn't have any funds there before the FTX crash. Now I want to say that after the incident of FTX exchange I don't trust any centralized exchange anymore. And also want to say that since the exchanger is tarnished, they don't seem to be able to back it up again cz no one gonna trust them again


I will also agree with you on this point that there is a very big chance that Binance may crash or bank rupt in the future but I will also say that it is hard to say how many years it will be maybe 10 maybe 5 or more or less.

It's very unlikely FTX will gain back people's trust after what it did last year. The company could decide to launch a decentralized exchange, but bearing the "FTX" name/brand wouldn't do any help. Maybe doing a rebranding will do the trick? Either way, I think FTX's efforts to help restore its reputation would be nothing but failure.

Let's all turn the page, and write a new story with crypto facing new ventures after the collapse of a major exchange. FTX would be nothing but history, just like Mt. Gox in the early days of crypto. As least, we know the revolution won't be going anywhere soon. Who knows if constant failures of centralized exchanges will lead us towards the rise of decentralized exchanges in the crypto/Blockchain space? Just my thoughts

FTX failed as a centralized exchange, do you think people will trust their decentralized exchnage?
If they ever decided to come up with a centralized exchange, t will be a big falure. Who will risk thier money for the second time when they scam with their exchange FTX.  



I don't know but i am sure every centralized exchange will scam one day.  Not at this time, but who knows the Binance scam may be the reason for the next bear market after the bull run in 2024.

FTX might decide to return as a decentralized exchange just to help bring back customers' trust. But I doubt it will have the same power as it did back then, especially when it brought so much negativism to the crypto/Blockchain space. Being a DEX alone will make it inferior to its competitors as it will have a lower trading volume/liquidity and degraded performance.

I'd say the odds of FTX making a comeback are very slim. It's best to leave things as is for the good of the industry. What happened with FTX will be remembered for as long as crypto lives. It's just Mt. Gox all over again. Who knows if Binance would be the next crypto exchange to collapse? Just my opinion

No doubt MtGox event was bad for the market but at that time crypto was not so popular as it is now. The era of MTGox Scam and the era of FTX scam is totally different. At the current time, bitcoin and crypto are known by many people and people lost a lot of money in FTX and also saw their holding becoming zero who have invested in the FTT token.

In the grand scheme of things, I would consider the FTX event a major one for the bitcoin and crypto community.

Regarding the comeback of FTX, i am clear that even if they come and return everyone's money (0% chance of this), I would not trust this exchange anymore.

It will be challenging for the FXT exchange to regain the confidence and support of its investors. After what their investors experienced in their hands, getting their funds rug pulled unexpectedly on their exchange.

FXT's attempt to reimburse investors who have lost money on their exchange is a welcome step toward clearing their name from the cryptocurrency blacklist, but it doesn't guarantee that they will once again be a reliable exchange. The actions they took will continue to echo in the minds of crypto investors.

It will take years for FXT exchange to pull through this without trying to rebrand its name and mechanism

Binance may have suffered a series of unfortunate events, but that hasn't stopped it from being the largest crypto exchange in the world because it has a lot of money in its reserves. It can do anything it wants. Not like FTX, where it lost everything it had after the FTT crash. I believe all empires will eventually fall, so we may be witnessing the collapse of Binance in a distant future. Who cares about centralized exchanges if crypto was designed to be free from middleman? It's a "Peer to Peer Electronic Cash System" after all.

The constant failures of centralized exchanges, tells us it's time to look for decentralized alternatives that are much safer and reliable for day-to-day use. DEXs may have their set of issues now, but they're at least a solution for those wanting to trade big amounts of crypto without worrying about having their funds disappear overnight. With or without FTX, crypto will be here to stay for a long, long time. Just my thoughts

As long as they bring back the funds of many investors who are holding on their platform, I think its fine and maybe they have a better strategy now but don’t expect much from FTX. They’ve already recovered a lot of money, probably they are just waiting for the right time to release it and see if the site can still be recovered and free from an hacking incidents again.

Their reputation might not that be good anymore, they already filled for a bankruptcy and maybe on the process of liquidation, I don’t know but the government should make them liable and force them to repay all the money on their platform.

It seems SBF is not alone in trying to bring back FTX. After all, he seems to be treated more as a baby than a criminal. It seems like powerful personalities are trying to assemble back FTX for him. Well, without necessarily bringing back the customers whole again. He should be incarcerated right now. Instead, he's probably Netflixing and browsing the net.

Anyway, Binance was also involved in a hacking incident, a KYC leak, kicked out from certain countries, even investigated for possible criminal violations, and others and yet it remains to be the top exchange today. So I would not be surprised if a relaunched FTX would also rise to glory once more. We never learn our lessons.

I very much agree. The reputation being the most important, I reckon. Sam, Celsius, Su Zhu, Luna and Do Kwon certainly destroyed it and makes it appear that the cryptospace is being run and ruled by hustlers, ponzi operators, criminals and clowns. It can be speculated that Barry Silbert is also running a ponzi scheme. The biggest joke of this is Justin Sun might really be the most serious businessman among all of them ehehehehe.

The situation of FTX moved from being hacked to the company being declared Bankrupt, to Sam Bankman apparently just misplacing a few billion dollars worth of crypto coins of the exchange which were later found and all this caused fear and panic in the markets to a point of several users moving coins out of different exchanges to avoid the same misfortune from happening to them. With all these events unfolding, this sent markets into a bearish phase, and trusting in exchanges has dwindled.. Now reviving of FTX can never happen, exchanges that have gone this route never return and this is FTXs fate!


We all know the answer to this, there is no coming back for FTX, there are certain mistakes that go unforgiven and this is one of them, you don't play with people's money and expect them to give you hugs and kisses on your return, and I hear this lad was also gambling with customers money which shows lack of responsibility and no proper ethics to follow... CEO clearly never set a good example.

I read some news article a few weeks back that read FTX got a new CEO, who apparently hinted at a comeback of the exchange which is a long shot tbh, they say "once beaten twice shy" customers might get their coins this time but next time all coins will go and never return.

If investors join themselves to form a class action lawsuit, then SBF would be forced to "make them whole again" one way or the other. That's if they win the case in a court of law. But I don't think FTX will ever make a comeback since its reputation is already destroyed. No investor would trust anything related with "FTX". A re-branding would be the only path forward for the exchange's revival plan.

I wouldn't care more or less about FTX, since we have many alternatives to choose from. The recent series of unfortunate events only made Binance bigger and stronger than ever. But that doesn't mean it's immune from collapsing sometime in the future. All of the centralized exchanges could disappear overnight for unknown reasons, so it's best to only deposit the amount of coins you're willing to trade just to be safe. Who knows if decentralized exchanges win at the end? Just my thoughts

It is very difficult to restore lost customer trust even if SBF wants to make the exchange whole again. Even trying and working hard, earning that trust is still difficult. The disillusioned investors were too afraid to return to FTX even though they guaranteed the problem would not happen again. But suppose SBF still wants to make it whole again. In that case, it needs to get tighter supervision than before, and maybe even SBF needs to appoint a representative from the government to sit on the company's board of directors so that if something goes wrong, the representative can report it and follow it up and fix the problem. And maybe SBF needs to overhaul all the people in the company by replacing them with people who are more skilled or can be trusted to help them manage the company.

MtGox was definitely worse because of the liquidity being on that single exchange like you said, but in the grand scheme of things FTX was far worse — in terms of industry reputation, potential regulations, etc.

@coolcoinz. Sam has backers. I speculate that his trial will only be a comedy show to cover up the truth and Sam will cooperate with the creators the show.


I was only saying this without expectations for this becoming a reality hehehe and agreed, it has ended very much worse than Mtgox. However, the negative effect on the price was not the same. I reckon Mtgox controlled much of the liquidity of bitcoin on 2013. There were only few who would catch the dump. The market of the cryptospace today is more complicated. We have Binance BUSD, Tether, Circle USDC all competing for liquidity.

SBF was a tool that I'm almost sure of, although can't fully prove it. There were much more powerful and much older people than him pulling the strings of his scam. He is incompetent, but I wouldn't say he's not a bad person. Have you seen any of the early interviews? The ones where he avoided answering questions, attacked people who did not allow him to elaborate and kept going straight to the point.
If you think it was all about his inability of running the business, how do you explain a few facts:

SBF bought himself a cheap Toyota to appear "normal" but at the same time he owned a yacht. He wanted to keep the scam going, didn't want people to think he's spending more than he should be.
He bought his parents a house with money he stole from customers. This was a deliberate action on his side. You can't expect a grown up man not to know that it wasn't his money to spend.

IMO he's a typical son of rich parents, an entitled teenager who refused to grow up. A little princess that complained there's no vegan dishes in jail.

I don't believe that even though FTX has been taken over by other people, we really fell into their trap after the collapse occurred, so they didn't return such a large amount of investor funds to their customers.

This will only be a driving force of opinion anyway this exchange won't come back even if it's just trying to pump their own coins, but how much money will have to be prepared if they do come back? but return without compensation then it's the same as nonsense all investors will no longer believe.

If it has fallen then we should not expect too much.

It is true that the CEX you mention was hacked (several times), but it is also true that they still exist today and that hardly anyone mentions their bad days - especially if we consider that they somehow compensated their clients - although I am not sure if it was about some tokens or something similar, considering that many years have already passed since those hacks.

Although those hacks from the past (with the exception of Mt.Gox) were only transient bad episodes caused mainly by inexperience and weaknesses within the companies after which the companies were still able to recover - unlike this total collapse that is being talked about here.

This is same scenario to Bittrex and other top exchange that collapse and never comeback. It’s very hard to trust again an exchange that once collapsed unless they compensate they refund and compensate all the victims funds. There’s a lot of top exchange out there that doesn’t have a problem. Competition it’s already tough for them even when they are not yet collapse, I believe the influence of SBF helps them rise to the top and I doubt that the new CEO can do this to bring back FTX to the top spot once again.

If ftx does make a comeback, sorry but i think people are simply just going to forget what has happened and start using them again, you would think that after all the money people have lost in centralized exchanges, that they wouldn't store their money there, but anytime a new centralized exchange or service collapses, you find out that billions of dollars of people's money were lost to it, if people didn't learn from the collapse of other exchanges and still lost their money when the exchange they use collapses, why wouldn't they use ftx if it makes a comeback?

I cannot explain why people do not learn, but it just happens that way. If Binance collapses today, people would lose millions and billions of dollars, is that supposed to be so when ftx, BlockFi, Celsius, etc just collapsed few months ago, normally people should learn from these events and use exchanges for trading only, and move funds into their self custody once they are done. This is my logic for believing that people would still use ftx if it ever makes a comback, maybe slowly, but after sometime many people would run back in.

From what I have seen and heard from the mouth of Bankman, it does not seem that the whole idea about FTX was started to carry out a scam with premeditation, because he does not seem like a bad person to me, but just very incapable of keeping such a complex business under control. In the first interview he gave after the collapse, he admits that things would have been different if he had devoted at least one hour a day to that work (I'm paraphrasing from memory).

Therefore, he is guilty because he completely lost control, and in addition to his obvious incompetence, some of his co-workers also realized that they can do whatever they want because the boss does not supervise the work.


Such things should not be forgotten because people should learn from their mistakes and not pretend that it never happened. Although I think that for some new investors in a few years it will be just another in a series of bad stories from the crypto world, which will not affect their decisions too much - so it should not be ruled out that history will repeat itself when it comes to CEX.

Recovering from bankruptcy is a very difficult task. If FTX return money to customers and pay their debts then have the possibility to recover again. But I feel negative in this field. Because if they are able to pay the debt, will they be able to restore the confidence of the customers? Because we have already seen before what happen with Luna, they could not recover. Moreover, that confidence was not born among the investors. So I don't think FTX can come back. But it is not easy and simultaneously i want to say it is not impossible. It is only possible if they can regain the confidence of investors by being more stronger than before.

First of all, we need to understand that FTX scammed all of us and the scammers usually do not return our money. So if anyone thinks that SBF or ftx will return all this money , it is not going to happen.

The game plan by the scammers can be that they will want to re-enter in the market with a promise to again make an exchange and later return people money. I hope people do not believe thier false promises if they ever come up with such a plan to regain customers confidence and also again start collecting money from the people.

The chances of the cryptocurrency space forgetting an exchange that caused a cascading bankruptcy event is zero. It's pretty much the 2022 version of the MtGox debacle; and it can even be arguably worse — it was simply just so bad.

I very much agree. This exchange was not a service that was created in good faith with an honest intention. It was a already a scam and a scheme to launder money for their backers from the very beginning. The name FTX should be forgotten in the cryptospace. It was a horror show that was happening with or without CZ's dump of FTT that triggered a liquidity cascade.

Also agreed on the first in line are the significant clients. They need to do this to avoid prison and also a hope to avoid a trial hehehe. They might not like what Sam Bankrupt-Fried might say if pressured to a corner.

Coming back for providing usual operations such as trading or buying /selling coins? Most likely not, I don't know who would still trust FTX any funds after what happened. Who would still advertise FTX as a sponsor? No one... 

I can only imagine a comeback to refund investors, refund sports teams sponsored by FTX or refund anyone else who's been financially damaged by FTX. Even after that, FTX should better close down.
But providing operations again? Maybe it's just a joke to pump their FTX coin / token. 

FTX should never rise back to glory after betraying its customers. It should stay defunct, paving the way for other crypto exchanges to take over the industry. If it does come back alive, it would be a "miracle" especially when a lot of investors lost trust in it. In crypto land, we should expect the unexpected. Either FTX comes back under a new name, or another crypto exchange or company takes it out of bankruptcy by purchasing its assets.

We can blame Binance for dumping all FTT tokens on the market. What makes you think it won't do the same with other exchange-related tokens in the future?CZ would be capable of doing anything to prevent Binance from losing market dominance. History is known to repeat itself, so I wouldn't be surprised if another big exchange collapses sometime in the future. Just my thoughts

I think the probability of FTX returning is the same as the probability of MT.Gox returning, which is absolute zero. They are long gone. It would be naive to think they might come back. I'm sorry for those who lost their money but that's what I think.

There are not enough letters in the word no to give an accurate representation of the no of the answer.
Even if someone came in, paid the debt and made everyone whole again there is no way people would use it.

And to top it off, they would have charge such outlandish fees to make up for the losses there is no way they could be competitive.

And every action they took would be under such scrutiny by regulators that nothing could ever be done quickly.

And then getting other financial institutions to partner with them would be just about impossible.


And so on.....

-Dave

Someone asked a similar question in another board, and no matter how forgetful people are and the possibility of returning some of the funds to clients, returning this CEX in any form would be simply wrong. Allegedly, some funds have been discovered ($5 billion + another possible $5 billion) and all focus should be on how to compensate clients, although I have no doubt that the first in line are "significant clients", and considering that the largest US companies are involved in everything, ordinary clients will wait their turn and hope for some crumbs.

People forget easily but I think that still, scams in crypto worsens reputation for every decentralized platform, even if honesty is their best policy.

If anything, this is the real thing that is going to happen. If a man builds a thousand bridges and fucks one goat, people don't call him a bridge builder but FTX has never built a thousand bridges, instead, moved on doing of the second one. If FTX wanted to stay in business, they would be more careful.
Firstly, they'll never be able to get their reputation back and secondly - it will cost more than they'll profit.

We will definitely get another exchange by ex FTX people because it's the business where they have experience and know how to operate.

Rebranding is not an option. Can you name a company that scammed people but did rebranding and conquered the niche again? Not rebranding but if some ex FTX members establish a brand new exchange, they'll may succeed because to be honest, people rarely do deep investigation.

FTX can come back and open a crypto exchange like before, but it's not easy for traders and investors to trust FTX again after the case that happened to FTX. It's not easy for FTX to build the trust of traders and investors because too many investors and traders have been disappointed.

But FTX may change its name and announce a major overhaul of its company so that it can have a positive impact on traders and investors. But again, FTX's journey will not be easy and will need more work to convince the public.

I don't think FTX can win back customers' trust. Certainly many are hoping for FTX to come back, but only to withdraw their coins. Once that is done, most clients will certainly avoid FTX. I can't think of any way FTX can regain customer trust. Even under new management and maybe even a new name, most people won't trust this exchange anymore. So I definitely wouldn't. 

People keep money where they trust that it is safe .No one will be willing to joke with their haed earned money.
If FTX happens to fix their problems and come back to the market many people will be skeptical to join the exchange
This is because the trust they have in this change has already been betrayed so trust can only be betrayed once and not twice that is why many people would not use the exchange

Even if FTX changes its brand and its entire staff, I don't think it has the potential to return to the market again.

FTX and its CEO SBF have been linked to one of the worst incidents in crypto history, so they will not be able to restore the trust of users who lost millions of dollars and were not compensated.

SBF has hired some very good lawyers and the new team of FTX is doing everything they can to get the exchange back in good shape in the market but I doubt they will succeed.

It would be head shaking if we witness the SEC allowing a comeback for FTX and it would not be shocking also, however. The SEC is a corrupt government department that only cracks down on those who did not pay them their bribes and extortion money.

Also, the SEC has failed to protect FTX users.

I think they can easily go back into operation, only if they change leadership. FTX's UI/UX is simply too good for a trader's perspective for them to just disappear completely.

With all said and done though, safe to assume that they wouldn't have the same amount of users before all the fiasco.

Many exchanges fake volume and this was already done by the Chinese like Huobi in 2014, so I bet FTX was messing around with it too.

They had a lot of deposits but mostly from people they lured into the scam by paying them like Tom Brady who got paid to promote it and moved his own money into the exchange thinking it to be legit.

A few days ago I heard they even own money to Netflix. I don't know what that company was doing with FTX but that's apparently a fact. Binance also helped them a lot by investing and promoting them which pumped the exchange more than it should. Many people are guilty here like O'leary and CNBC who kept talking about the generous billionaire all the time.

FTX is dead, it should stay that way and shady people involved in these scams should be avoided like a plague.

Can you provide some more sources relating to SBF wanting to "make customers whole" that is recent?
This source: FTX Bankruptcy hearing update - SBF says could make customers whole is the only recent article matching the conclusion that you have posted. That was posted in November 2022, 3 months ago.

In more recent news:
Sam Bankman-Fried Needs Tighter Bail Restrictions, Judge Says
"A federal judge said he was not satisfied with a plan that lawyers for the disgraced FTX founder struck with prosecutors to limit his use of encrypted messaging apps."

I don't think SBF is able to make anyone whole at this point. This thread topic is old, outdated and most likely invalid news.

So my answer is no. FTX will not make a comeback. Words of a new CEO were spread in the last few weeks though I don't think that will come to fruition. If there is a new CEO, maybe he will provide some sort of compensation to rebuild some trust and make good face for himself. I don't see why anyone would want to become the CEO of this company though.

It's a wise thing to return the funds of the affected customers but to think that it will make them comeback and trust FTX again, I don't think so. Even with the new management, it's having hard time recovering. We can have a comparison with those exchanges before that have been at the peak of their popular like bittrex, there's not that much anomaly with them but with just due time, they've lost what they've got.
So, with this issue on FTX, they need tremendous luck if they're thinking that getting back the trust of people will be that easy.

If, FTX exchanges can recover all their customer's funds, I think regaining the trust of consumers is not as easy as turning the palm of the hand, IN FACT, their consumers know that negative things like what is currently happening to FTX, can be done, what else in the future, the same thing can also happen again.

For this reason, whatever the FTX exchange does, they don't get the trust of the public anymore, they are already deterred and give up on the FTX exchange.

nope. they've done more than enough to crash the market leaving more disappointed people in crypto while they were friends with Gensler. they couldn't undo that really even if Binance will be destroyed by regulators, the alternative for users may still not be FTX.

who owns FTX this time now that SBF is bankrupt? there is a lot to do. the attempt to make a comeback is they realized it was a mistake to blow it and blame Binance for its fall. but now, Binance will dominate.

Well if they can recover the bankruptcy, pay debts in any way, reorg the company, do much effort on strategic ways on how they will make more profit than before, that's possible. But knowing crypto companies rely much more on crypto's trend and knowing crypto is currently in the bad shape. I don't think it will happen.

Was it ever that big though, or it was just a hype due fake volume and bunch of paid sponsorships? I might be wrong, but somehow I always thought of Coinbase as bigger and more relevant.

Considering the tendency of an average crypto investor to easily forget about bad stuff from the past, I wouldn't be surprised to see FTX coming back if by some miracle all users get their money back. At least, we could get another exchange by some ex-FTX people, but under new name. After all, this is crypto where anything is possible. 

FTX was known to be the world's second-largest crypto exchange before collapsing in late 2022. Investors were "rekt" and crypto/Blockchain tech got a lot of bad publicity. The company is now bankrupt, but SBF is trying to bring back customers' trust by "making them whole" again. If FTX pays its customers back, do you think it will rise to glory again? Or is it game over for it? I'd be surprised if FTX makes a comeback after so much disappointment from mainstream investors. If it does come back, it's going to need to change its branding just to help gather new investors into it.

What do you think about this? Your input would be greatly appreciated. Thank you very much.