FTX Reaches a Settlement with the IRS
Main page News, US, Cryptocurrency Exchanges, FTX

FTX has reached a tentative settlement of a $24 billion tax dispute with its largest creditor, the US Internal Revenue Service (IRS).

The agreement, which was made public on June 3, requires court approval and is part of FTX's reorganization plan.

Initially, the IRS had claimed that FTX owed more than $44 billion in taxes, but the amount was later reduced. Under the proposed agreement, the platform would pay the IRS $200 million within 60 days of the plan's approval as a priority tax claim.

The tax authority would also receive another $685 million as a subordinate claim, meaning it would be paid later than other creditors.

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