According to reports, early American bitcoin investor Frank Richard Ahlgren III was sentenced to two years in prison for tax evasion by falsely reporting capital gains from bitcoin transactions and was ordered to pay $1 million in tax restitution.
The Texas federal court ruled that Ahlgren must hand over keys to cryptocurrency assets worth approximately $124 million and disclose storage devices and all cryptocurrency accounts.
Prosecutors pointed out that Ahlgren had hidden at least 1,287 bitcoins through cryptocurrency mixing services in 2020 and used part of the proceeds to purchase property in Utah.
The court ordered a prohibition on transferring or selling property without approval but allowed him to pay for normal living expenses.
