While the past few months have been difficult for Bitcoin ( BTC ) bulls, they...
The International Criminal Police Organization is reportedly planning to strengthen its crackdown on cryptocurrency-related crimes...
After the launch of a new portal for police complaints that uses blockchain technology to...
Hodler's Digest is available every Saturday to help you keep track of every important news...
The market remains soft as traders wait for the statement of Federal Reserve Chair Jerome...
The sustainability movement has emerged as a 21st century megatrend, and it shows no signs of...
A series of macro warnings from Goldman Sachs puts Bitcoin ( BTC ) at risk...
There's a lot of wealth in cryptosphere that seems out of reach. ...
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.
FTX was among the many crypto exchanges with a front-row seat to witness the crypto hype...
Decentralized autonomous organizations come in all sizes and flavors. Some can seem sweet; others turn sour....