Before spectacularly collapsing in November, FTX had been one of largest players in crypto. But interviews with major trading firms who once did business at FTX raise questions abut how good the exchange really was. By OKnightCrypto and HeleneBraunn
FTX was “slow, incomplete, buggy and coded by people who had never done it before,” said Max Boonen, the founder of B2C2, one of the most active FTX market makers.
“Propagating notifications of your fills was very slow on FTX. If you actually wanted to know promptly that your order had been filled you needed to repetitively query the state of your order” every millisecond, Chaibi said. “In terms of latency they are by far the slowest exchange to be traded on,” said Mike van Rossum, founder and CEO of trading firm Folkvang.. This came to a crescendo when the Federal Reserve released a market-moving economic report on U.S. inflation in September. FTX buckled under the pressure and froze for 55 minutes as traders watched prices bounce around on other exchanges.
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