According to the documents that emerged, the famous Bitcoin exchange FTX increased its revenue by 1840% in the 2021 cryptocurrency bull. Thus, CEO Sam Bankman-Fried’s empire expanded to different continents with new companies in Switzerland and Australia.
Leaked documents show Bitcoin stock market to grow 1000% in 2021
The revenue breakdown reveals a 1842.85% increase in operating income for FTX from $14 million to $272 million in fiscal 2020-21. FTX was among the exchanges of the 2021 bull when Bitcoin and other cryptocurrencies hit ATH levels. With tremendous customer engagement, partnerships, sponsorships and other factors, FTX’s revenue grew 1000% in 2021. New documents have emerged showing this data.
FTX saw explosive growth in global volume last year.
Audited financial statements for the 2020-2021 fiscal year reveal FTX’s revenue, with CNBC claiming access to the documents. According to the documents, the stock market has witnessed a 1000% increase in revenue level these years. It rose from $90 million in 2020 to $1.2 billion in 2021.
Revenue distribution shows tremendous growth from $14 million to $272 million a year for FTX. It reveals an increase of 1842.85% for the stock market in a short time. FTX had net income of $388 million, up 2182.35% from $17 million last year. It is also reported to have earned $270 million in the first quarter of 2022. However, the exchange’s track record in the crypto winter has yet to be disclosed. Despite its excellent first-quarter performance, the continued crypto winter has impacted its growth trajectory, most likely due to multiple market crashes. FTX has not responded to the allegations at this time.
CZ’s comments
Binance CEO Changpeng ‘CZ’ Zhao recently expressed concern about jitters, a phenomenon where an existing trading order is delayed to allow more recent trades to be completed. While CZ did not explicitly target any exchange at the time of the discussion, the crypto community on Twitter assumed it was targeting FTX. On August 20, he posted on Twitter:
You all knew and said nothing. We have to fight bad actors.
Just learned a new word, jitters. On 1 particular exchange, sometimes your orders will be stuck for a bit, and a few other orders will get in front of you. Apparently, this happens often enough on this exchange that the traders coined a term for it, jitters. (Front running) 🚫
— CZ 🔶 BNB (@cz_binance) August 19, 2022
These Bitcoin exchanges and platforms have decided to stop
As you follow on Kriptokoin.com, the Federal Deposit Insurance Corporation (FDIC) has issued a warning to the crypto money company. Among these companies is FTX. The FDIC alleges that these companies have made “false and misleading statements” regarding federal deposit insurance. Relevant companies included in the FDIC’s letter:
- FTX US
- Cryptonews.com
- FDICCrypto.com
- SmartAsset.com
- Cryptosec.info
The FDIC says there is no such coverage for crypto firms, although deposits at insured banks specifically for these companies are protected against default of up to $250,000.
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