Leaked documents reveal FTX grew revenue by 1,000% last year! See the details! News about FTX seems to be trending these days. On August 20th, CNBC reported seeing massive growth in internal documents that belong to FTX.
The Massive Growth
A few days ago, the community received surprise news that FTX allegedly grew revenue by 1,000% last year. CNBC claimed to see internal documents that stated the numbers. The audited financials show the crypto exchange went big when the revenue grew from $89 million in 2020 to $1.02 billion in 2021.
In detail, the operating income was up from $14 million in 2020 to $272 million in 2021. As for net income, the document showed $388 million in 2021, an increase from $17 million in 2020.
The community predicted one of the reasons for the growth was the hype in the crypto industry last year. FTX was lucky to be a part of the situation where some cryptocurrencies were rising.
In the news, CNBC also stated it received an investor deck that shows FTX brought $270 million in revenue during the first quarter of 2022. However, it is still unclear how the situation in the company during the crypto winter.
Previously on FTX
Recently, FTX US was among five companies that received a cease and desist letter from the FDIC. The FDIC stated that the company made false and misleading statements that certain crypto-related products are FDIC-insured.
Today, we issued cease and desist letters to five companies and individuals for making crypto-related false and misleading representations about FDIC deposit insurance.
— FDIC (@FDICgov) August 19, 2022
Soon after receiving the letter, Brett Harrison, the President of FTX US, clarified the issue by saying he did not mean to mislead anyone.
The community is still waiting for more updates from FTX regarding some news about the company.