FTX Latest: Crypto Prices Still Under Pressure as Billions Owed
Cryptocurrency prices struggled Monday in the ongoing crisis sparked by the downfall of Sam Bankman-Fried's once-powerful FTX empire. The largest token Bitcoin has shed about 4% over two days, while second-ranked Ether is roughly 7% lower.
Crypto exchange FTX and related companies now in bankruptcy collectively had a carryover federal net operating loss of at least $3.7 billion as of Dec. 31 last year based on tax returns, according to court filings.
FTX owes its 50 top unsecured creditors a total of $3.1 billion. FTX Trading Ltd. and about 100 affiliated companies are starting a strategic review of global assets.
FTX's Federal Net Operating Loss Carryover Stood at $3.7 Billion (2:32 a.m.)
Crypto exchange FTX and related companies now in bankruptcy collectively had a carryover federal net operating loss of at least $3.7 billion as of Dec. 31 last year based on tax returns, according to court filings.
The document from Alvarez & Marsal North America LLC, released as part of the Chapter 11 process, also showed that the minimum state net operating loss carryforward stood at $715 million. Earlier filings signaled the losses could help offset tax liabilities.
Crypto Arb Trades Roar Back as FTX-Battered Quants Flee Market (2:24 a.m.)
The wild-west days of crypto markets are back again as the large trading houses that once thrived on arbitraging price gaps pull back in the wake of FTX's collapse. That's opening up profitable opportunities for anyone that still dares to trade.
Prices for essentially identical assets on various platforms are diverging in a clear sign the dominoes are still falling across the crypto trading world. The gap between the funding rates of identical Bitcoin futures on Binance and OKEx, for instance, has been
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