Frank Richard Ahlgren III, an early Bitcoin investor from Texas, has pleaded guilty to filing false tax returns, underreporting $3.7 million in Bitcoin gains. In 2017, Ahlgren sold 640 BTC for around $3.7 million but falsely inflated the cost basis on his tax return, significantly reducing his reported capital gains. Additionally, he failed to report $650,000 from Bitcoin sales in 2018 and 2019. Ahlgren's actions resulted in over $550,000 in tax losses for the IRS. He now faces up to three years in prison, supervised release, restitution, and financial penalties.
640 BTC equals 💲38 384 064 now 😱