"First U.S. Prison Sentence for Crypto Tax Evasion Handed Down"

On the 13th (local time), according to the crypto-specialized media CryptoBasic, a U.S. court sentenced Frank Richard Ahlgren III, a Bitcoin (BTC) investor from Texas, to two years in prison for charges of crypto tax fraud. This ruling is considered the first U.S. tax evasion case focused on cryptocurrencies, setting a precedent as the IRS and the Department of Justice strengthen their surveillance systems on cryptocurrencies. Previously, Frank Richard Ahlgren was found to have underreported or failed to report approximately $3.7 million in profits from Bitcoin investments from 2017 to 2019. He reportedly evaded taxes by reporting the purchase price of his Bitcoin holdings higher than it actually was and hiding transaction details using wallets.