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meltedcapacitor | 2 years ago

It is sure an upper estimate but the order of magnitude is maybe not off:

That revenue is probably mostly fees from the exchanges. Alameda as a partnership started with peanuts and was at some point (say 2021 fiscal year) was worth like 80b or whatever out of trading and made up coins whose cost is petty expenses on a web page and a few dev days, so an aggressive interpretation is that 80B minus 10 million whatever is capital gains, that passes through Alameda partners as personal income.

Of course they burnt it all the next year so there might be an equally big tax credit for fiscal year 2022, to be used against future profit/income lol.

Also, FTX had no concept or accounting of client assets, so for tax purposes it might be considered that all the money clients "deposited" was revenue, which is how SBF functionally treated it.

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