"Another alleged crypto criminal is set to end a legal battle with the U.S. government. Roger Ver, an early crypto evangelist nicknamed "Bitcoin Jesus," reached a deferred prosecution agreement with the Department of Justice on Tuesday, according to a court filing. In exchange for $49.9 million from Ver, prosecutors decided not to pursue a federal indictment against the early crypto investor for tax evasion."
"Ver was a prominent figure in the early days of crypto, and obtained the "Bitcoin Jesus" moniker for his habit of giving out Bitcoin to random people he encountered. In 2011, he began investing in the cryptocurrency, according to the initial indictment, and in March 2014, controlled more than 130,664 Bitcoins, which translates to more than $14.75 billion at current prices. That same year, he renounced his U.S. citizenship after he became a citizen of the Caribbean nation St. Kitts and Nevis."
"Although he was required to pay an exit tax on all his holdings upon renouncing his citizenship, Ver never paid tax on his Bitcoin, he admitted in the deferred prosecution agreement. The capital gains tax he owed from his cryptocurrency hoard totaled near $17 million, said prosecutors. The nearly $50 million settlement he reached with the DOJ includes not only his tax liability but also a civil penalty and unpaid interest."
Roger Ver reached a deferred prosecution agreement with the Department of Justice by paying $49.9 million, and prosecutors declined to pursue a federal indictment for tax evasion. Ver controlled more than 130,664 Bitcoins in March 2014, equivalent to over $14.75 billion at current prices. He renounced U.S. citizenship in 2014 after becoming a citizen of St. Kitts and Nevis. Ver admitted failing to pay an exit tax on his Bitcoin holdings. Prosecutors said the capital gains tax owed was near $17 million. The settlement covers the tax liability, a civil penalty, and unpaid interest. An Associate Deputy Attorney General emphasized that taxpayers must file accurate returns whether dealing in dollars or digital assets.
Read at Fortune Crypto
Unable to calculate read time
Collection
[
|
...
]