Top-tier crypto exchange FTX has reportedly witnessed an overall grwoth in profit by 1000% last year, as disclosed via internal documents.

Specifically, FTX was reportedly one of the crypto entities that took the highest advantage of the crypto hype occuring last year, when Bitcoin (BTC) and other cryptocurrencies achieved their record-breaking highs. 

The driving factors leading to the reportedly surge in revenue were reportedly massive customer onboarding, partnerships, sponsorships and other factors.

Audited financials of FY 2020-2021 reportedly revealed FTX experiencing a 1000% jump profit-wise – an incline from $90 million in 2020 to $1.2 billion in 2021, claimed CNBC alleging access to the documents.

The revenue breakdown showcases a 1842.85% rise in terms of operating income for FTX, from $14 million to $272 million in a twelve-month period. The crypto exchange accumulated $388 million in net income, a 2182.35% surge from last year’s $17 million.

FTX has reportedly maneged to generate $270 million in the Q1 2022. Nonetheless, the exchange’s track record during bearish movements in the crypto market is still anonymous. 

Regardless of the stellar first quarter performance, the current crypto winter has most likely caused negative effect on the development trajectory due to a vast array of market crashes.

The report additionally stated that FTX had in their possession $2.5 billion in cash by the end of 2021 with a profit margin of 27%.

Head of Binance – Changpeng ‘CZ’ Zhao – recently shared some worries regarding jitters, a phenomenon in which a current trade order gets delayed to enable the finalization of newer trades.

“Just learned a new word, jitters. On 1 particular exchange, sometimes your orders will be stuck for a bit, and a few other orders will get in front of you. Apparently, this happens often enough on this exchange that the traders coined a term for it, jitters. (Front running)”