The US Department of Treasury and Internal Revenue Service (IRS) have filed 45 claims, totaling about $44 million, against bankrupt crypto exchange FTX and other affiliates.
The bankruptcy filings on April 27 and 28 show that the US tax agency’s claims against several FTX companies, which includes Bahamas-registered FTX Trading Ltd.; Alameda Research; West Realm Shires, which operated the US affiliate of FTX; Ledger Holdings, which is the parent of LedgerX and LedgerPrime; Blockfolio; and a few others. FTX recently sold LedgerX for $50 million.
The initial bankruptcy filings of FTX estimated its assets to be between $1 billion and $10 billion. However, the FTX bankruptcy attorneys have already recovered $7.3 billion in assets, meaning the bankrupt empire’s liabilities are much higher than its assets.
The largest claims of the US Tax Department are against Alameda Research LLC, with two individual claims of $20.4 billion and $7.9 billion, and another two claims against Alameda Research Holdings Inc., totaling $9.5 billion.
The $20.4 billion claim is against the company’s partnership and payroll taxes due. These claims are labeled as ‘administrative priority,’ meaning they can supersede the claims of other unsecured creditors during the bankruptcy process.
The Complicated US Tax Regime
FTX primarily operated from outside the United States. Alameda Research, founded by Sam Bankman-Fried, was…
