Summary
- A U.S. court has ruled that a cryptocurrency tax evader must disclose access codes to Bitcoin.
- Algren is reported to be an early Bitcoin investor, estimated to hold Bitcoin worth $125 million.
- This ruling is evaluated as the first U.S. case on cryptocurrency tax evasion, providing an important legal precedent for investors.
A specific ruling has been made in the United States regarding a cryptocurrency tax evader. The tax evader is required to disclose all access codes related to their held cryptocurrency assets.
According to Bloomberg on the 7th (local time), Robert Pitman, a U.S. District Judge at the Austin Federal Court, ordered Frank Richard Algren III, a cryptocurrency tax evader, to disclose the access codes to his held cryptocurrency assets.
Algren is an early Bitcoin investor who has been accumulating Bitcoin since 2011. It is known that he cashed out his Bitcoin in 2017, earning $3.7 million.
Currently, Algren is accused of attempting various methods to underreport his earnings, such as reporting the purchase price of his Bitcoin holdings higher than it actually was. In 2018 and 2019, he sold more Bitcoin, earning over $650,000, but did not report this in his tax returns.
Last December, U.S. prosecutors requested the court to disclose the location of Algren's held Bitcoin. It is estimated that Algren holds at least 1,287 Bitcoins, which is approximately $125 million (180 billion KRW) at the current market price.
The Department of Justice stated that Algren used various wallets to move Bitcoin and exchanged Bitcoin for cash by meeting individuals directly to conceal his cryptocurrency transactions. This ruling is the first U.S. cryptocurrency tax evasion case focused on cryptocurrency.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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