Before the epic fall of his crypto empire, FTX CEO Sam Bankman-Fried (SBF) boasted about massive profits. However, new findings reveal that his companies may have lost big bucks.
According to a motion filed to a Delaware District bankruptcy court this week, the group may have been running at a net loss.
The firm managing the bankruptcy proceedings, Kroll, examined the group’s 2021 tax returns. Apparently, they collectively көрсөттү a net operating loss carryover of $3.7 billion.
This means that Alameda and FTX, founded in 2017 and 2019, respectively, posted a net loss of $3.7 billion since their inception.
“The Debtors believe, based on filed 2021 tax returns that, as of Dec. 31, 2021, the Debtors collectively had federal NOL [net operating loss] carryovers in the amount of at least approximately $3.7 billion,”
FTX Profits: Fact or Fiction
Furthermore, this revelation goes against SBF’s claims regarding his epic profits. It also makes little sense to lose money in the biggest bull market the crypto industry has ever seen.
CNBC билдиргендей макала in August, FTX revenue grew by 1,000% during the 2021 bull market. Additionally, SBF told Forbes last year that Alameda made $1 billion in profits in 2020. At one time, his wealth was estimated at $26 billion, making him one of the richest people in crypto (and the world).
Alameda has undoubtedly lost money in the 2022 bear market. Additionally, those losses would have been compounded by its questionable бухгалтердик эсеп практикасы, which eventually led to its collapse.
However, it seems unfathomable that any crypto company operated at a net loss in 2021. Tax lawyer, Steve Rosenthal, told Forbes that it was unclear whether the NOLs were realized or snapshots of business and asset values. “Maybe all of his profitability was fiction,” he speculated.
Crypto Market Tanks to New Lows
Total crypto market capitalization has fallen to a new cycle low today. During the late hours of Nov. 21, crypto markets slumped to their lowest level in two years at $813 billion, according to CoinGecko. This marks a decline of 73.6% from their peak of just over $3 trillion this month last year. The crypto market cap is also now below its 2018 cycle high of $830 billion.
It appears that the fallout from the FTX collapse is not over yet, as the FUD and selling continue, resulting in another red week.
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Source: https://beincrypto.com/were-ftx-sbf-massive-profit-claims-fact-fiction/