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.
The filing asked for an extension of deadlines to submit schedules of assets and liabilities and said that the debtors "historically did not keep reliable books and records."
Sam Bankman-Fried's failed FTX empire filed for bankruptcy on Nov. 11, potentially creating more than a million creditors and convulsing crypto.
