FTX’s lawyers are pushing back against the U.S. Internal Revenue Service’s (IRS) efforts to claim billions of dollars in unpaid taxes from the bankrupt crypto exchange, according to a Bloomberg report. Per the report, the FTX lawyers have said in a court filing that the IRS’s demand for $24 billion in unpaid taxes would come […]
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A South Korean province has seized cryptocurrencies worth over $5 million from 1,661 investors who were more than $12 million in arrears on their fines in total. The seizure followed an investigation of nearly 30,000 companies and individuals as well as their cryptocurrency holdings at four exchanges. Korean Province Confiscates Cryptocurrencies for Unpaid Fines The […]
An official of the U.S. Internal Revenue Service (IRS) has clarified that the agency is prepared to seize cryptocurrencies and sell them to satisfy tax collection if taxpayers fail to meet their tax obligations. Robert Wearing, IRS’ deputy associate chief counsel for Procedure & Administration, explained Wednesday that the agency can seize cryptocurrencies from taxpayers, […]