🚨#FTX重启 #FTT #FTX Bankruptcy reorganization encountered backstab by the IRS $FTT

IRS requires FTX to pay $24 billion in back taxes

The taxes owed represent income taxes, employment taxes and penalties owed by FTX and its affiliated entities from 2018 to 2022.

The move could hamper and delay FTX's bankruptcy proceedings, including the return of debtors' claims for funds, as the IRS releases an estimated eight-month timeline for the investigation

But if the IRS's claims can be resolved, the bankruptcy proceedings will be able to move forward, with a proposed schedule of evidentiary hearings "where parties can brief the issues and present their positions" before confirmation in February 2024.

The burden of opposing the IRS claim currently lies with FTX creditors, who believe that the IRS has not provided any evidence of the claim and have filed a motion with the court for the IRS claim to be $0. The FTX debtor team said it could take months to resolve.

The IRS first filed a $43 billion claim against FTX back in April 2023, which was reduced to $240 by November

The total amount of claims claimed by FTX creditors (all types) is about US$11 billion, and the total amount of FTX's assets so far is about US$10 billion (to be confirmed - including trust/equity assets transferred and sold), which is completely insufficient to pay back taxes of US$24 billion. The amount is not final yet, as the IRS is still auditing.

We will continue to track this event for everyone in the future, so stay tuned!