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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

IRS Asserts First Dibs On FTX Bankruptcy Payout To Recover $44 Billion In Taxes

Usman Zafar
Usman Zafar
2 years ago
3 mins read
IRS Asserts First Dibs On FTX Bankruptcy Payout To Recover $44B In Taxes

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The US Internal Revenue Service (IRS) has filed tax claims in the FTX bankruptcy as the defunct exchange’s creditors seek fund reimbursement. This recent report shows the IRS filed dues of $44 billion in taxes associated with FTX and its subsidiaries.

The disclosure revealed the agency filed the tax bill under administrative claims, prioritizing them over the creditors’ claims in the bankruptcy case. 

Will Court Prioritize IRS Claims Over Creditors?

A filing by the IRS claiming billions of dollars in tax owed by Alameda Research has been circulating online. The filing shows the IRS is claiming over $20.4 billion in unpaid partnership and payroll taxes from Alameda Research alone under administrative priority.

Related Reading: Bitcoin Price Blasts Above $28,000 Following 4.9% April CPI Report

The IRS filed 45 claims worth $44 billion in unpaid taxes from the now-bankrupt FTX exchange and its sister companies. However, the tax filing category under administrative priority has drawn more attention than the amount after circulating the Internet.

A section of the US Bankruptcy Code states that claims under administrative expenses receive priority distribution. That means administrative claims have the highest priority among creditor claims in a bankruptcy case. 

The IRS tax bill under administrative claims means the court will likely consider them during funds distribution before other unsecured FTX creditors. However, the dispute is still in motion, and the court is yet to determine how the filing affects the situation.

Nonetheless, the current situation sparked people’s curiosity. A partner at General Catalyst, Nick Van Eck, is curious about how to calculate the amount and where the funds will come from. 

But while reactions across the internet continue to emerge, the IRS remained silent without providing any details regarding the matter. 

FTX Closer To Repaying Creditors, Mulls Reopening Plans

This development came after the news that FTX recovered $7.3 billion in assets, which was revealed by lawyers in an April 12 hearing at the Delaware bankruptcy court. IRS Asserts First Dibs On FTX Bankruptcy Payout To Recover $44B In Taxes

FTT remains bearish l Source: Tradingview.comFurther investigations into the bankrupt exchange’s assets are still ongoing. However, the legal team disclosed that FTX may resume operations in Q2 of 2024.

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Meanwhile, the exchange’s former CEO, Sam Bankman-Fried, remains entrapped in webs of criminal charges by US prosecutors. His legal team has been working hard to save him. 

In a recent court hearing, SBF’s lawyers asked the federal judge to waive the criminal charges, saying the case was more of a civil issue. The legal team also accused FTX lawyers of helping the prosecutors.

Featured image from Pexels, chart from Tradingview.com

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Usman Zafar
Usman Zafar

Usman Zafar

Skilled in crafting compelling content, with a deep enthusiasm for blockchain technology. I offer precise and easily comprehensible perspectives on cryptocurrencies, decentralized finance, and the ever-evolving landscape. Count on me as a reliable resource to remain informed about the latest advancements in the world of crypto.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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