Bitcoin Cash

Bitcoin

<div class="dailyhodl">
 <p>A prominent <a rel="noopener noreferrer nofollow" title="early" href="https://thebittimes.com/tag/early.html">early</a> Bitcoin (BTC) investor was arrested in Spain over the weekend for allegedly evading $50 million worth of US taxes.</p>
 <p>Roger Ver, a noted supporter of Bitcoin Cash (BCH), faces charges including mail fraud, tax evasion and filing false tax returns, according to a new announcement from the U.S. Department of Justice (DOJ).</p>
 <div class="code-block code-block-055f5289fd7e731bb72be7c5a19d18ed code-block-1">  
 </div>
 <p>US authorities hope to extradite the crypto veteran, who has faced multiple lawsuits from other businesses in the crypto space in the past.</p>
 <p>Ver, who’s nicknamed “Bitcoin Jesus” for his outspoken <a rel="noopener noreferrer nofollow" title="early" href="https://thebittimes.com/tag/early.html">early</a> praise of BTC, allegedly obtained citizenship in St. Kitts and Nevis in February 2014 and renounced his US citizenship shortly afterward.</p>
 <p>The DOJ’s indictment indicates Ver owned two companies, MemoryDealers.com Inc. and Agilestar.com Inc. Between his personal portfolio and the two companies’ holdings, the crypto veteran in February 2014 owned approximately 131,000 Bitcoin at an average price of $871 per BTC.</p>
 <p>Explains the DOJ,</p>
 <p><em>“As a result of his expatriation, Ver allegedly was required under US law to file tax returns that reported capital gains from the constructive sale of his worldwide assets, including the Bitcoins, and to report the fair market value of his assets. He was also allegedly required to pay a tax – referred to as an “exit tax” – on those capital gains.”</em></p>
 <p>Ver hired a lawyer and appraiser to help him prepare tax returns for his expatriation but allegedly provided both with false information designed to conceal the true amount of Bitcoin he owned.</p>
 <p>He allegedly took possession of 70,000 BTC from his two companies in 2017 and sold tens of thousands of them for approximately $240 million in cash. The DOJ says Ver was required to pay tax on certain distributions from his companies, like dividends, even though he was no longer a US citizen.</p>
 <p>The crypto veteran allegedly owes the U.S. Internal Revenue Service (IRS) at least $48 million.</p>
 <p>Despite the “Bitcoin Jesus” moniker, Ver eventually soured on BTC and switched his allegiance to Bitcoin Cash, referring to the top crypto asset in 2020 as “just basically a pyramid scheme.”</p>
 <p class="p1"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-cash-bch-backer-roger-ver-arrested-and-charged-with-evading-nearly-50-000-000-in-taxes-tbt87265.html">https://thebittimes.com/bitcoin-cash-bch-backer-roger-ver-arrested-and-charged-with-evading-nearly-50-000-000-in-taxes-tbt87265.html</a></p>

Bitcoin Cash (BCH) Backer Roger Ver Arrested and Charged With Evading Nearly $50,000,000 in Taxes

TheBitTimes

Other articles published on May 2, 2024

Bitcoin-Focused Wasabi Wallet Developer zkSNACKs Is Leaving The US

Bitcoin 4% dip may ‘panic’ short-term holders as price falls below average cost

Shiba Inu Team Unveils Two-Phase Hard Fork Strategy For Shibarium

Here’s Why Changpeng Zhao Got a Lighter Prison Sentence

Bitcoin Bull Run Over? Analyst Predicts What To Expect Now

CEO of Nigerian exchange Patricia debunks rumors of company’s shutdown

Join our free newsletter for daily crypto updates!