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IRS claims $44b in taxes from bankrupt FTX and its subsidiaries

irs-claims-44b-in-taxes-from-bankrupt-ftx-and-its-subsidiaries
Edited by
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IRS claims $44b in taxes from bankrupt FTX and its subsidiaries

The United States Internal Revenue Service (IRS) has filed 45 claims worth $44 billion against the estate of bankrupt cryptocurrency exchange FTX and its affiliated entities.

The IRS filed these claims against FTX subsidiaries, including West Realm Shires, Ledger Holdings, and Blockfolio. The most significant claims were two filed against FTX’s sister company Alameda Research LLC, worth $20.4 billion and $7.9 billion, respectively.

Two other claims were filed against Alameda Research Holdings Inc., worth $9.5 billion. The IRS claims about $20 billion in partnership taxes from Alameda Research LLC, while the remaining amount includes millions in withheld income taxes and payroll taxes.

Investigation into FTX’s Tax Reporting Malpractices

The IRS launched an investigation into FTX’s tax reporting malpractices, which revealed that the exchange failed to report more than $20 billion in cryptocurrency transactions between 2019 and 2022. The IRS filed the claims under the classification of administrative priority, allowing its proceedings to supersede unsecured creditors’ claims during a bankruptcy case hearing.

During a hearing in January, FTX’s bankruptcy attorneys said they had located more than $5 billion in various assets. In March, lawyers representing FTX said the crypto firm recovered $7.3 billion in liquid assets. They added that the company may consider relaunching the firm and crypto exchange operations in the second quarter of 2024, suggesting a reboot as early as April.

In January, new FTX CEO John Ray said he is looking into reviving the bankrupt exchange as he works to return the funds to affected customers and creditors.

The IRS’s claims against FTX and its subsidiaries are significant and could have far-reaching consequences for the cryptocurrency industry. How this will play out in the coming months and years remains to be seen.