❗First BTC Tax Evasion Sentence Handed Down in U.S.A.❗
For the first time in USA history, Texas resident Frank Richard received a two-year prison sentence for failing to pay taxes on cryptocurrency income.
From 2017 to 2019, he filed false tax returns, deliberately concealing his real income. The total amount from the sale of bitcoins was $3.7 million. Frank Richard acquired his first bitcoins back in 2011, but despite the growing popularity of cryptocurrencies, he decided not to declare a significant part of the profit. The prosecutor's office proved that his actions were deliberate, and the IRS was able to track the transactions using blockchain analysis.
This case highlights that the Bitcoin blockchain has long ceased to be completely anonymous, and modern technologies allow tax authorities to identify such violations even years later.
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