Crypto NewsExchangeAnother Shock to Failed Cryptocurrency Exchange FTX: US Tax Administration Demands $44...

Another Shock to Failed Cryptocurrency Exchange FTX: US Tax Administration Demands $44 Billion!

A blow to the failed cryptocurrency exchange FTX has also come from the US Tax Administration IRS. The institution demands $44 billion.

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The United States Internal Revenue Service (IRS) has claimed approximately $44 billion worth of damages against the properties of bankrupt cryptocurrency exchange FTX and its affiliates.

FTX and its Subsidiaries Demand $44 Billion in Tax Debts

The IRS has filed 45 claims against FTX companies, including West Realm Shires (the legal entity of FTX.US), Ledger Holdings (the parent company of LedgerX and LedgerPrime), and Blockfolio, according to bankruptcy filings dated April 27 and 28.

The largest of the claims are seen as $20.4 billion and $7.9 billion against Alameda Research LLC, with two claims totaling $9.5 billion against Alameda Research Holdings Inc.

These claims are filed under a "Manager Priority" classification, which can allow the IRS's claims to take precedence over other creditors' claims in any bankruptcy case.

Bankruptcy filings detailing the $20.4 billion claim against Alameda Research reveal that the IRS has claimed about $20 billion in partnership taxes. The remainder of the claim includes millions of income taxes and payroll taxes withheld.

"Federal law prevents the IRS from confirming or denying communications related to any taxpayer litigation," an IRS spokesperson said in a statement.

The IRS is the Internal Revenue Service, an agency of the US government that administers and enforces US federal tax laws. It helps people understand and fulfill their tax responsibilities. It can also be used for filing returns, refunds, payments, records, forms, instructions, etc. It provides a variety of online and offline services related to taxes, such as

*Not investment advice.

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