Odaily Planet Daily report: At the beginning of this month, the U.S. Department of Justice announced a deferred prosecution agreement with Roger Ver, under which fraud and tax evasion charges against him will be dropped in exchange for payment of up to $49.9 million in taxes, penalties, and interest. Roger Ver purchased a large amount of Bitcoin in 2011 for less than $3 million, acquired Saint Kitts and Nevis citizenship in February 2014, and renounced his U.S. citizenship the following month. At that time, he and his companies collectively held at least 131,000 Bitcoin, valued at over $70 million based on the prevailing price. The U.S. Internal Revenue Service determined that he failed to report his personal Bitcoin holdings and undervalued his company’s assets, resulting in actual tax recovery amounting to 48 times the amount he originally reported and paid. (Reuters)
Roger Ver to Pay Up to $49.9 Million in Taxes After Renouncing U.S. Citizenship in 2014
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Roger Ver to Pay Up to $49.9 Million in Taxes After Renouncing U.S. Citizenship in 2014. The U.S. Department of Justice entered into a deferred prosecution agreement, dismissing fraud and tax evasion charges in exchange for the payment. Known as "Bitcoin Jesus," Ver renounced his U.S. citizenship in February 2014 and became a citizen of St. Kitts and Nevis the following month. At the time, he held at least 131,000 BTC, valued at over $70 million. The IRS determined he failed to report personal holdings and underreported company assets. Total taxes paid were 48 times his previous payments. Investors tracking altcoins may consider how shifts in the Fear & Greed Index influence broader market sentiment.
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