The U.S. government’s claim for $24 billion in unpaid taxes by FTX has only one source – taking recoveries away from its victims, FTX said in a court filing. Source
FTX Disputes IRS's 'Alice in Wonderland' Tax Claim
Tag: FTX
Sam Bankman-Fried’s lawyer says FTX fraud trial was “almost impossible” to win: Report
The lawyer responsible for Sam Bankman-Fried’s criminal trial defense has admitted that the case was “almost impossible” to win from the outset. In a one-on-one interview with Bloomberg, Stanford Law School professor David Mills recounts how Bankman-Fried’s reluctance to follow his recommendations and the damning testimony of his former associates had the FTX founder’s back against the ropes. Related: Caroline Ellison wanted to step down but feared a bank run on FTX “I thought it was almost impossible to win a case when three or four founders are all saying you did…
FTX Challenges IRS $24B Tax Claim, Citing Unsubstantiated Figures
FTX’s legal team noted in the filing that paying the $24 billion could impede the repayment of funds to the exchange victims. Lawyers representing the bankrupt cryptocurrency exchange FTX have contested the United States Internal Revenue Service (IRS) claim of $24 billion in unpaid taxes. The attorneys insist that the IRS must substantiate its demands, urging the tax agency to provide evidence supporting its assertion. In a recent filing with a Delaware bankruptcy court on November 10, the company refuted any liability to the IRS. The firm countered the tax…
IRS tax bill will swipe creditors of any ‘meaningful recovery,’ says FTX
A proposed $24 billion tax bill from the United State IRS will likely suck up any “meaningful recovery” that was meant for victims of FTX, according to the bankrupt crypto exchange. The United States tax authority has been trying to chase tax arrears from the crypto exchange and its sister firm Alameda Research since May this year. The IRS initially claimed $44 billion across 45 separate claims against FTX and its subsidiaries in May. 10, but recently brought that number down to $24 billion. However, in a Dec. 10 filing…
FTX and Alameda move $23.59M in assets to Binance, Coinbase, OKX
In four days, wallets linked to defunct crypto trading firms FTX and Alameda Research moved $23.59 million worth of digital assets to top cryptocurrency exchanges. Blockchain analytics firm Spot On Chain identified the movement, estimating that the defunct entities have transferred $591 million since Oct. 24 using 59 different cryptocurrency tokens. The wallets linked to FTX spread the latest transfer of $23.59 million across 19 tokens: 3,150 ETH valued at $6.8 million, 59.6 million ALEPH (ALEPH) worth $6.41 million, $2.48 million in Curve (CRV), $990,000 in Avalanche (AVAX), and $848,000…
FTX to submit revised reorganization plan in mid-December
The Official Committee of Unsecured Creditors has written a reply to the FTX 2.0 Customer Ad Hoc Committee, providing insights into the details of its proposed amended reorganization plan. Scheduled for mid-December, the plan is expected to reshape the fate of unsecured creditors. In the letter, recognizing differing perspectives on asset valuation and distribution, the Committee of Unsecured Creditors highlighted the proposed plan’s capacity to maintain a balance among stakeholders’ interests. However, ongoing activities, including a potential acquisition by financial services firm Perella Weinberg that may unfold during the bankruptcy proceedings,…
Former FTX US President Says Bitcoin Spot ETF Will Come In 2024, Gives Price Targets
Former FTX US President Brett Harrison recently had an interview with Cointelegraph Magazine. As part of the discussion, Harrison gave his thoughts on when a Spot Bitcoin ETF will be approved and the possible price level the foremost crypto token could attain when this happens. A Spot Bitcoin ETF Could Be Approved In Q1 of 2024 Harrison is said to have mentioned that there is a very “high probability” that the Securities and Exchange Commission (SEC) will approve a Spot BTC ETF in the first quarter of 2024. His prediction…
US crypto firms spent more on lobbying in 2023 than before FTX collapse: Report
Companies connected to the crypto and blockchain industry in the United States reportedly spent roughly $3 million more on lobbying in the first three quarters of 2023 than over the same period in 2022. According to a Dec. 5 Reuters report citing data from U.S. government transparency group Open Secrets, crypto firms spent roughly $19 million on lobbying from January to September 2023, roughly 19% more than they did over the same period in 2022. Coinbase reportedly led the spending on lobbying at more than $2 million, followed by Crypto.com,…
Solana Price Drops 7% to $60 Amidst FTX Cold Wallet Transfers
Crypto analyst Ali Martinez has warned of a potential correction for SOL. The price of Solana (SOL) has experienced a 7% decline over 24 hours. However, at the time of writing the fall is not so critical. The coin is around 1% down. The Solana price today is approximately $60 despite the recent market corrections that saw the price of Bitcoin (BTC) and Ethereum (ETH) rise to $42000 and $2200 respectively for the first time since last year. According to CoinMarketCap data, the crypto asset, dubbed the Ethereum killer, saw its…
FTX, Alameda Research move additional $22m worth of crypto
FTX, the exchange founded by disgraced entrepreneur Sam Bankman-Fried, and Alameda Research have transferred another substantial sum of cryptocurrency as part of a larger $551 million asset management effort. According to the blockchain analytics platform, Lookonchain, the diverse mix of transferred cryptocurrencies — about $22 million worth — included Ethereum (ETH), Uniswap (UNI), Shiba Inu (SHIB), and several others. The move follows prior transfers of substantial amounts to well-known exchanges. These crypto asset transfers are part of FTX’s ongoing bankruptcy proceedings and endeavors to optimize the value of its token…