Leaked papers indicate that FTX’s income surged by 1000% in one year
In FY 2020-21, FTX’s operating income will rise by 1842.85%, from $14 million to $272 million, as shown by the revenue breakdown.
FTX was one of the several cryptocurrency exchanges that had a front-row seat to the crypto craze of 2021 when Bitcoin (BTC) and other cryptocurrencies reached their all-time highs. According to internal papers, FTX’s income surged by one thousand percent in 2021 as a result of large client onboarding, collaborations, sponsorships, and other things.
According to records obtained by CNBC, FTX’s income would climb by a factor of ten between fiscal years 2020 and 2021, from $90 million in 2020 to $1.2 billion in 2021.
In one year, FTX’s operating income grew by 1842.85%, from $14 million to $272 million, as shown by the revenue breakdown. The crypto exchange’s net income increased by 388.8 million dollars, or 2182.35 percent, from $17 million in the previous year.
In the first quarter of 2022, FTX allegedly earned $270 million. The exchange’s performance during the crypto winter has not yet been disclosed. Despite the exceptional success in the first quarter, the current crypto winter has certainly affected the growth trajectory as a result of many market collapses.
The research also states that by the end of 2021, FTX would have $2.5 billion in cash and a 27% profit margin. FTX has yet to react to Cointelegraph’s comment request.
The CEO of Binance, Changpeng Zhao, has expressed worry with jitters, a phenomenon in which an existing trade order is delayed to facilitate the execution of fresh deals.
While CZ did not specifically mention any exchange throughout the chat, the crypto community on Twitter thought it was FTX. “You were all aware, yet you remained silent. “We must combat the undesirable players,” he continued.