Early Bitcoin investor jailed for unreported crypto gains in $4M BTC sale
A Texas Bitcoin investor faces two years in prison for failing to report over $4 million in cryptocurrency gains, setting a legal precedent.
An early Bitcoin investor from Austin, Texas, became the first person criminally charged for failing to report crypto capital gains, in a case involving about $4 million worth of cryptocurrencies.
According to the United States Department of Justice (DOJ), Texas-based Bitcoin (BTC) investor Frank Richard Ahlgren III “falsely underreported the (realized) capital gains” earned from selling Bitcoin worth $3.7 million between 2017 and 2019. The DOJ said in a Dec. 12 report:
Ahlgren has invested in Bitcoin since 2011. He purchased 1,366 BTC on the crypto exchange Coinbase in 2015 when Bitcoin was trading under $500. He sold about 640 BTC in October 2017 at an average market price of $5,807.53 and reinvested the $3.7 million in real estate.
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Author: Arijit Sarkar
