US IRS has reduced the amount of claims against FTX from $24 billion to $885 million
A part of the amount will be paid to the agency after the debts owed to customers are settled
05.06.2024 - 12:05
146
3 min
0
What’s new? The bankrupt crypto exchange FTX has settled the claims of the US Internal Revenue Service (IRS) for $24 billion, significantly reducing the amount of claims. Under the agreement, the IRS will receive a $200 million payment in priority, and another $685 million will be reimbursed after the exchange’s customers and creditors receive their funds.
What else is known? The settlement agreement removes a significant obstacle in FTX’s path to bankruptcy, resolving a potential protracted litigation. If the IRS lawsuit had been granted by the court, payments to FTX’s regular customers would have been significantly delayed, its managers argued.
According to the managers, the agreement eliminates uncertainty about the amount of the IRS claim and expedites the distribution of funds to creditors in the bankruptcy case.
It is specified that the settlement agreement must also be approved by the court and will take effect after the broader restructuring plan takes effect.
Late last year, FTX managers challenged the IRS demand, saying that officials were essentially trying to take money away from the exchange’s customers who were victims of a fraudulent scheme by its creators.
Former FTX senior executive Ryan Salame received 7,5 years in prison in the US
The term exceeded the sentence recommended by prosecutors
Then the managers urged the tax authorities to disclose the method of calculations, as a result of which the unpaid taxes were estimated at $24 billion. At the same time, they recognized that the exchange could have significant tax liabilities.
In May, FTX presented a new bankruptcy plan, under which creditors will receive 118% of the claims, while the value of cryptocurrencies will be assessed at the rates at the time of the collapse of the exchange in November 2022. Since then, bitcoin has risen by more than 350% and the total capitalization of the crypto market by more than 230%.
In response, Sunil Kavuri, a representative of FTX’s largest creditor group, called for a vote against such an unfavorable compensation plan.
Useful material?
Telegram 
Twitter Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Technologies
The company also unveiled its own blockchain adoption index
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$89 675
BTC
-0.83%
-
Ethereum
$3 067.96
ETH
-1.95%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.06
XRP
-5.76%
-
Dogecoin
$0.365633
DOGE
+0.8%
-
Cardano
$0.702599
ADA
-4.62%
-
Bitcoin Cash
$430.01
BCH
-6.91%
-
Polkadot
$5.39
DOT
-6.18%
-
Litecoin
$86.86
LTC
-8.49%
-
Stellar XLM
$0.198144
XLM
-9.7%