FTX And IRS Lock Horns Over $24 Billion Tax Bill, FTT’s Key Support Wavers
2023年12月13日 - 10:00AM
NEWSBTC
In a striking turn of events, the Internal Revenue Service (IRS) in
the United States has presented a staggering tax bill of $24
billion against the bankrupt cryptocurrency exchange FTX. FTX
Challenges IRS’s $24 Billion Tax Bill According to court filings
and FTX’s response to the IRS’s claims, several key arguments
challenge the basis of the tax bill. Firstly, FTX highlights that
its operations spanned three years, never distributing dividends or
earnings. Secondly, the exchange’s defense attorneys claim
that the company incurred substantial losses rather than generating
income that could support the IRS’s “exorbitant” tax claim.
Thirdly, the lawyers argue that FTX is currently in liquidation and
is not engaged in any ongoing business activities apart from those
required for the liquidation process. Finally, the company
emphasizes that the recovery sought by the IRS would ultimately
come at the expense of FTX’s victims, as the funds would be
redirected away from their rightful recipients. Related
Reading: Cardano (ADA) 50% Rally Sets Stage For A Merry Christmas –
Details As the court hearing approaches, FTX asserts that
proceeding with a court-supervised estimation process would
demonstrate the company’s significant losses during its operational
period, rendering the IRS’s claim “baseless.” FTX emphasizes
that any forced payment would harm the victims of the FTX fraud,
many of whom are already grappling with “profound losses.” FTX’s
administrators have managed to recover approximately $7 billion in
assets, including $3.4 billion in cryptocurrencies. These figures
underscore the complex financial landscape surrounding the IRS’s
claim against FTX. As the courtroom showdown ensues, the case
outcome will undoubtedly have significant implications for the
future of crypto taxation and the recovery prospects of FTX’s
creditors. FTT’s Bullish Trend Holds Strong As the
cryptocurrency market experiences a significant correction
following a bullish surge led by Bitcoin (BTC), FTX’s native token,
FTT, has seen a decline of over 5% in the past 24 hours, adding to
the company’s legal concerns. After a three-month accumulation
phase that kept FTT trading in a range between $0.9 and $1.2 from
September to the beginning of November, the token witnessed an
impressive surge in the last month, reaching its highest price of
the year at $6.042, a level not seen since November 2022. However,
the token has retraced to its current price mark of $4.8, with the
next support level at $4.45 in case of further downward movement.
Related Reading: Helium Token Balloons To 85% For A Yearly High –
What Drove The Price Up On a positive note, FTT is trading above
key moving averages, including the 200-day and 50-day MA, which
provide support and indicate the potential for further upward price
action. Furthermore, since the beginning of November, FTT has
consistently recorded higher highs and higher lows, forming an
uptrend pattern. This trend has been observed three times, with the
token experiencing an uptrend, followed by a pullback for a support
test, and then a continuation to reach new highs. Assuming this
trend continues and the legal developments do not have a
significant impact on the price of the token, FTT may be poised for
a significant rise in the coming months, given the remarkable
uptrend pattern seen on the daily chart. Featured image from
Shutterstock, chart from TradingView.com
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