Close Menu
  • Crypto News
  • Markets
  • Bitcoin
  • Ethereum
  • XRP
  • Altcoins
  • Technology
  • More
    • Crypto Prices – Latest from BTC, ETH & XRP
    • NFT
    • DeFi

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Trending

MapleStory Universe Expands Infinite IP Playground Vision with Developer Tools and Legacy IP Expansion

July 28, 2025

Memecoins, NFTs Get Called Out By Their Own Architect: ‘Zero Intrinsic Value’

July 28, 2025

Here’s why the Lista DAO token price is pumping

July 28, 2025
Grove Deploys Janus Henderson CLO & Treasury Funds on Avalanche

Grove Deploys Janus Henderson CLO & Treasury Funds on Avalanche

July 28, 2025

XRP price prediction – end of the XRP bull rally or a healthy correction?

July 28, 2025
Facebook X (Twitter) Instagram
  • Advertise
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianoru Русскийes Españolzh-CN 简体中文hi हिन्दीja 日本語
Crypto Observer
  • Crypto News

    Memecoins, NFTs Get Called Out By Their Own Architect: ‘Zero Intrinsic Value’

    July 28, 2025

    Mill City Ventures III, Ltd. Announces $450,000,000 Private Placement to Initiate Sui Treasury Strategy

    July 28, 2025

    Snaky Way Launches Presale, Making It the Best Token to Buy in 2025

    July 28, 2025

    Bitcoin’s MVRV Ratio Flashes Warning: Top of the Cycle Incoming?

    July 28, 2025

    Ethereum Is About To Breakout Of Massive Consolidation Toward $5,000

    July 28, 2025
  • Markets
  • Bitcoin
  • Ethereum
  • XRP
  • Altcoins
  • Technology
  • More
    • Crypto Prices – Latest from BTC, ETH & XRP
    • NFT
    • DeFi
Facebook X (Twitter) Instagram
Crypto Observer
Home » Markets » Here’s Dogecoin Founder’s Take on Shocking FTX IRS Showdown
Markets

Here’s Dogecoin Founder’s Take on Shocking FTX IRS Showdown

Crypto Observer StaffBy Crypto Observer StaffDecember 6, 2023No Comments2 Mins Read
Facebook Twitter Pinterest Reddit Telegram Email LinkedIn Tumblr
Share
Facebook Twitter LinkedIn Pinterest Email

The recent tax spat between bankrupt crypto firm FTX Derivatives Exchange and the United States Internal Revenue Service (IRS) has attracted a comment from Dogecoin co-founder Billy Marcus. The spat between FTX and the IRS came when the tax regulator slapped the exchange with a $24 billion tax bill as it was unable to place a peg on the size of the fraud in the firm prior to its bankruptcy.

Reacting to the outrageous sum, the Dogecoin co-founder said the IRS cares more about getting their cut rather than prioritizing the victims of the scam. He went on to say that per current established trends, America is acting like it “hates its citizens.”

This scorn, which the X owner Elon Musk responded to with the “Wow” exclamation is somewhat justified, seeing FTX is not liquid enough to cough out that amount of money. When FTX filed for bankruptcy, it was discovered that it had an about $8 billion hole in its balance sheet, a sum it has been doing all it can to recoup since November last year.

The exchange has gone through many hoops to recover about $7 billion worth of assets after recalling lavish donations made by the then-CEO, Sam Bankman-Fried (SBF).

Can FTX pay $24B?

Unlike many of its peers like BlockFi and Celsius Network, which went bankrupt last year, FTX is officially not out of bankruptcy yet, and it remains unclear what the rationale for issuing a $24 billion billing came from, a sum FTX might be unable to repay.

From the firm’s financial struggles, there might be a new negotiation and sum to cover its tax billing as the exchange’s priority, for now, entails repaying its creditors and ultimately its relaunch. The act of suing already bankrupt firms remains a volatile subject among industry stakeholders.

Many believe regulators taking advantage of firms in their most vulnerable state is not a patriotic move, as the Dogecoin founder insinuated.

Read the full article here

Exchange
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Altcoins Pop as Bitcoin Stalls Near $120K: Crypto Daybook Americas

July 28, 2025

Australia’s retail CBDC: A privacy trade-off nobody actually wants

July 28, 2025

Decoding the $271 Million Whale Move

July 28, 2025

Unpacking a Staggering $501 Million Whale Move from OKX

July 28, 2025
Add A Comment

Leave A Reply Cancel Reply

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Top Posts

MapleStory Universe Expands Infinite IP Playground Vision with Developer Tools and Legacy IP Expansion

July 28, 2025

Memecoins, NFTs Get Called Out By Their Own Architect: ‘Zero Intrinsic Value’

July 28, 2025

Here’s why the Lista DAO token price is pumping

July 28, 2025
Advertisement
Demo

Crypto Observer is your one-stop website for the latest crypto news and updates, follow us now to get the news that matters to you.

Facebook X (Twitter) Instagram
Crypto News

Mill City Ventures III, Ltd. Announces $450,000,000 Private Placement to Initiate Sui Treasury Strategy

July 28, 2025

Snaky Way Launches Presale, Making It the Best Token to Buy in 2025

July 28, 2025

Bitcoin’s MVRV Ratio Flashes Warning: Top of the Cycle Incoming?

July 28, 2025
Get Informed

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Facebook X (Twitter)
  • Privacy Policy
  • Terms of use
  • Advertise with us | Publishing
  • Contact us
  • Crypto News – Press release
  • Newsletter sign up
  • Markets
  • Altcoins
  • Bitcoin
  • Crypto News
  • DeFi
  • Ethereum
  • Technology
  • Blockchain
  • AI
  • NFT
  • Thanks for joining us
© 2025 Crypto Observer. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.