While FTX struggles to recover from its bankruptcy, the failed crypto exchange has been slammed with another major setback from the IRS.
Highlights
- FTX has filed a motion to the United States Bankruptcy Court to dismiss all tax claims made by the IRS.
- FTX’s $24 billion tax bill is one of the largest ever issued by the agency.
- The IRS’s imposing tax claims come at a time when FTX is battling with the aftermath of bankruptcy and working stringently to recover its assets to restore customer funds.
- At present, the total bill is estimated to be grossly more than FTX’�s earnings and debts to customers.
- The filing also disclosed that the IRS presently has over 47 pending claims against 31 FTX debtors.
- However, the FTX filing has maintained the IRS claims are speculative and unliquidated.
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