An early Texas Bitcoin investor, Frank Richard Ahlgren III, has been instructed to hand over his cryptocurrency holdings and access codes following a two-year prison sentence for tax fraud. Ahlgren underreported capital gains from Bitcoin sales totaling over $3.7 million between 2017 and 2019, resulting in a $1.1 million restitution debt to the US government. The Austin Federal Court mandated Ahlgren and his associates to disclose all devices and keys related to his crypto, including Bitcoin, Bitcoin Cash, Bitcoin Gold, Ether, and Litecoin accounts. Any transfer of assets without court approval is prohibited, except for essential living expenses. Ahlgren's compliance is required until he fulfills the restitution or receives further court instructions. This case, the first of its kind, highlights the consequences of tax evasion in the cryptocurrency realm. Read more AI-generated news on: https://app.chaingpt.org/news

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