Bitcoin Jesus’ Faces $48M Tax Fraud Charges: Investors Stunned

Bitcoin Jesus' Faces $48M Tax Fraud Charges: Investors Stunned

An American-born cryptocurrency investor known as ‘Bitcoin Jesus’ is facing serious charges of tax fraud, involving a staggering $48 million, as revealed by the Justice Department.

The millionaire bitcoin investor, Roger Ver, hailing from California, renounced his US citizenship back in 2014 to become a national of St. Kitts and Nevis. However, this decision seems to have landed him in hot water after his recent arrest in Spain, as stated by officials at the DOJ.

Ver, who once controversially claimed that money laundering should not be seen as criminal, is now accused of engaging in mail fraud and submitting false tax returns.

The 45-year-old Ver, well-known in the cryptocurrency world as one of the early investors, is now facing extradition to the US following the indictment filed against him in the Los Angeles federal court.

While Ver’s lawyer expressed surprise at the arrest, stating that Ver had always intended to comply with his tax obligations by seeking professional advice, the situation remains tense as legal proceedings loom ahead.

Ver’s indictment came on the same day that Changpeng Zhao, the founder of cryptocurrency exchange Binance, received a four-month prison sentence for money laundering charges.

This isn’t the first time Ver has been associated with such controversies. In the past, he defended individuals like Charlie Shrem, the co-founder of BitInstant, who was convicted of money laundering and sentenced to prison.

Known in the community as ‘Bitcoin Jesus’ due to his early investment in the cryptocurrency, Ver’s actions have stirred debates about governmental regulations and individual financial freedom.

Under the law, individuals renouncing US citizenship must report capital gains, including those from bitcoin sales, and pay the necessary taxes. Unfortunately, Ver’s case seems to have taken a different turn.

Upon renouncing his citizenship, Ver was required to pay an ‘exit tax’ on his capital gains. However, prosecutors claim that his decision to give up his citizenship was driven by tax purposes.

Allegations suggest that Ver undervalued his assets and provided misleading information to tax authorities, resulting in a substantial loss of revenue for the IRS.

It’s reported that Ver’s companies owned a significant amount of bitcoins, which he later sold for a substantial profit without fulfilling the corresponding tax obligations.

The indictment accuses Ver of falsifying information on his tax returns to hide profits from the government and not paying taxes on the significant sums he gained.

In total, it’s estimated that the Internal Revenue Service suffered a massive $48 million tax loss from Ver’s actions over the years 2014 to 2017.

As the legal battle unfolds and the cryptocurrency world watches closely, Roger Ver’s fate hangs in the balance, emphasizing the delicate intersection between digital assets and traditional tax regulations.

With this high-profile case unfolding, the implications for cryptocurrency investors and the broader financial landscape remain uncertain, awaiting the resolution of this complex legal saga.

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