PANews reported on June 4 that according to Bloomberg, FTX has reached a settlement with the U.S. Internal Revenue Service (IRS) to resolve its $24 billion tax claim. According to the settlement agreement, the IRS will receive a priority claim of $200 million and a secondary claim of $685 million. FTX said it will pay $200 million to the IRS within 60 days of the effectiveness of its bankruptcy reorganization plan, and will pay another $685 million after customers and other creditors are paid. FTX also stated that it will repay customers' funds in full.