FTX: Deposit/Withdrawals of USD stable coins become USD trades


As in our terms of use, Cryptact has no responsibility for the following message. If you have any questions, please reach out to your tax accountant.


The issue in FTX deposit/withdrawals in terms of the ledger calculations

In FTX, USD stable coins (other than USDT) are treated as USD once deposited, and you can choose your preferred USD stable coin when you withdraw your USD.

Because of this, you can "deposit USDC, and withdraw TUSD" which causes the position mismatch in our ledger, which can cause invalid transactions later.


Our response

To handle this inconsistency in positions, after a discussion with our tax accountant, we decided to do the followings:

 Deposit of USD stable coins (other than USDT) will be treated as conversion from the stable coin to USD.

Withdrawal of USD stable coin will be treated as conversion from USD to the stable coin.


These features are automatically applied if you upload Deposit or Withdrawal files of FTX to our ledger.