A Bitcoin investor from the Satoshi era has been sentenced to two years in prison for underreporting capital gains from selling $3.7 million in BTC. This marks the first U.S. criminal tax evasion case solely focused on cryptocurrency. Frank Richard Ahlgren III purchased Bitcoin in 2011, the year of his last known contact with Satoshi Nakamoto. Between 2017 and 2019, he sold his holdings for $4.35 million but misled his accountant and tax filings. The U.S. Department of Justice calculated a tax loss of over $1 million. Ahlgren, who used his crypto profits to buy a house, must serve two years in prison, undergo one year of supervised release, and pay $1,095,031 in restitution. He attempted to conceal his gains through various methods, including using crypto mixers and inflating purchase prices. Despite believing his transactions were untraceable, he was caught and held accountable by the IRS. Read more AI-generated news on: https://app.chaingpt.org/news

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