2023-05-28 09:14:48
The US Internal Revenue Service (IRS) proposed taxation of nearly US$44 billion worth of FTX and its affiliated entities at the end of April, and today (28) the FTX Unsecured Creditors Committee stated in response to this matter: “The US Internal Revenue Service submitted a large number of claims evidence that there are substantial claims against multiple debtors,” the debtors and the Commission are still evaluating as to the nature, validity, priority and amount of these claims.
(Recap:Great news! FTX liquidation team: $7.3 billion has been recovered, the fire has been put out!）
(background supplement:FTX Reboot Exchange Comes True! CEO John Ray confirmed that “the FTX 2.0 plan is advancing”）
alreadyFTX, a bankrupt cryptocurrency trading platform, has recovered more than $7.3 billion in assets after six months of hard work by the liquidation team.
The good news has continued since May, when FTX filed a motion to recover nearly $4 billion in funds from the also bankrupt crypto lending platform Genesis Global Capital. The FTX liquidation team also sued SBF and other former FTX management executives on the 17th, demanding the recovery of FTX stocks.
In addition, the salary details of John Ray III, the liquidator and the current executive president of FTX, were found to include a series of schedules for restarting FTX 2.0, which made many previously affected households think that the probability of FTX restarting has greatly increased.
Further reading:FTX Sues SBF “Executives Need to Return Stocks, and Members of the U.S. Congress Must Return Political Contributions
Further reading:Heavy!IRS Taxes FTX 44 Billion Magnesium, Claims Prioritized ‘Priority’ Over Unsecured Creditors
IRS Files Substantial Claims Against Multiple FTX Debtors
Although the recovered assets are getting closer to FTX’s total liabilities (the liquidation team’s final announcement amount is about 12 billion US dollars), it should be noted that the US Internal Revenue Service (IRS) on April 27 and 28 for FTX and its affiliated entities have filed nearly $44 billion worth of levies, and those claims were filed under “administrative priority,”This could give the IRS claims priority over unsecured creditors.
Now (28) early, the FTX Unsecured Creditors Committee will address this matter againAnnounce：
On April 27-28, the IRS filed numerous Proofs of Claims filing substantive claims against multiple debtors.
The debtors and the Commission are evaluating the nature, validity, priority and amount of these claims.
In other words, the IRS has filed a specific demand or lawsuit against the debtor to pay what is owed or to perform related obligations.
It is understood that the purpose of the assessment is to determine whether the debtor should admit and honor these claims, and the priority to be given to them when distributions are made.
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Heavy!IRS Taxes FTX 44 Billion Magnesium, Claims Prioritized ‘Priority’ Over Unsecured Creditors
Great news! FTX liquidation team: $7.3 billion has been recovered, the fire has been put out!
FTX Sues SBF “Executives Need to Return Stocks, and Members of the U.S. Congress Must Return Political Contributions
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