Is Web3 vulnerable to hacking?

August 21, 2022

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Jon August 21, 2022

Jon

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Opinion writer on 7trade7

According to leaked documents, FTX revenues grew by 1000% in a single year. FTX was one of the few crypto exchanges that had a front row seat to the crypto hype in 2021. This was back when Bitcoin ( BTC_) and other cryptocurrencies reached their highest. According to internal documents, FTX’s revenue grew 1000% in 2021 due to massive customer onboarding, partnerships and sponsorships. CNBC claimed access to documents in financials for FY 2020-2021. The revenue breakdown shows a 1842.85% rise in operating income for FTX from $14 million up to $272 millions in one year. The net income of the crypto exchange was $388 million, an increase of 2182.35% over last year’s $17million. According to reports, FTX made $270 million during the first quarter 2022. The exchange’s performance during the crypto winter has yet to be disclosed. Despite the excellent first quarter performance, the crypto winter has likely had an impact on the growth trajectory due to multiple market crashes. Further, the report claims that FTX had $2.5 billion in cash at the end of 2021 and a 27% profit margin. Cointelegraph has yet to hear back from FTX on its request for comment. Related: FTX US is among five companies that will receive cease-and-desist letters from FDIC Binance CEO Changpeng Zhao has recently expressed concern about jitters. This is a phenomenon in which an existing trade order is delayed to make way for newer trades.

I just learned a new term, jitters. Sometimes your orders may be delayed for a while on one exchange. However, other orders may come in. This happens so often on an exchange that traders invented a term for it: jitters. (Front running) — CZ Binance (@cz_binance). August 19, 2022

Although CZ didn’t explicitly target any specific exchange during the discussion it did assume that it was aimed towards FTX. “All of you guys knew, and didn’t mention anything. He added that we must fight the bad players.

As network difficulty recovers

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