FTX gets a $23B tax break from the IRS

The IRS just did FTX’s former customers a solid. 

The bankrupt crypto exchange said in a court filing that it’d reached an agreement with the IRS to hand over $865 million to them. The US government agency had previously argued that the exchange owed it $24 billion in taxes — an amount that FTX said could have prevented it from paying back its customers. 

The agreement still needs to be approved by a bankruptcy judge.

FTX, which declared bankruptcy in November of 2022, said it intends to pay back most of its customers fully. Some customers, however, expressed frustration as the repayments will be pegged to the dollar value of their crypto at the time of bankruptcy.

Bitcoin is up more than 320% since then.