FTX has challenged the IRS on its $24 billion tax bill claims, arguing that the agency’s “unexplained” tax debt would heavily affect its customer fund recovery efforts, potentially diverting funds away from FTX victims.
FTX Lawyers Alarm Over IRS Impact on Refunds
A new development to the ongoing legal battle between failed crypto exchange, FTX and the United States International Revenue Service (IRS) has put a damper on its recovery efforts. In a recent Delaware Court filing, the exchange submitted a reply to its previous motion to dismiss the IRS’s $24 billion tax claims.
In its objection against the IRS tax bill, FTX lawyers provided a series of detailed explanations as to why the tax claims were “unsubstantiated.” FTX debtors cited that the failed exchange in its brief three years of operation has incurred significant losses amounting to billions of dollars. Moreover, the exchange revealed that it had never generated profits or funds substantial enough to support the
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