Key Points:
The Internal Revenue Service has filed claims totaling around $44 billion against FTX, a bankrupt cryptocurrency exchange, and its affiliated entities. The claims consist of 45 filings against various FTX companies, including West Realm Shires, Ledger Holdings, and Blockfolio.
The largest of the claims are a $20.4 billion and a $7.9 billion claim against Alameda Research LLC, along with two claims totaling $9.5 billion against Alameda Research Holdings Inc.
These claims are classified as “Admin Priority,” which could allow the IRS’ claims to take precedence over the claims of other creditors in a bankruptcy case. According to bankruptcy documents, the $20.4 billion claim against Alameda Research LLC is primarily for partnership taxes, while the remaining amount includes millions in withheld income taxes and payroll taxes.
While the IRS has warned crypto investors to pay their taxes for years, this is the first time the agency has pursued a crypto exchange on such a scale. The outcome of this case will have far-reaching implications for the crypto industry. Whether other regulators will follow the IRS’ lead remains to be seen.
FTX filed for bankruptcy in the United States after its founder, Sam Bankman-Fried, made a series of large donations to political campaigns. Bankman-Fried has since stated that the donations were unrelated to FTX and that the exchange remains financially sound.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Thana
Coincu News
Pyth grants $50 million, offering community, research, and developer grants, with rewards in unlocked or…
Is Robinhood losing crypto users? Data shown a 57% drop in trading volume in April.…
AMF issues warning against Bybit, due to non-compliance with French regulations. Last year, Bybit also…
The endeavor aims to bolster infrastructure, projects, and research to enable Worldcoin's World Chain to…
Binance founder CZ has not yet been jailed as he awaits notification from the Probation…
Dunamu Q1 earnings show a 74% rise in operating income and a 58% increase in…
This website uses cookies.