Early cryptocurrency investor Roger Ver, aka “Bitcoin Jesus,” be prosecuted for tax evasionThe Justice Department said he evaded nearly $50 million in taxes.
An indictment filed in federal court in Los Angeles charges Ver, 45, with mail fraud and tax evasion. The Justice Department said the indictment was unsealed after he was arrested in Spain over the weekend and U.S. authorities are seeking his extradition.
Barr's early investments in cryptocurrencies and achievements earned him the nickname “Bitcoin Jesus.” tendency to preach about it. Born in California, Barr renounced his U.S. citizenship in February 2014 to become a citizen of St. Kitts and Nevis, a dual island nation located between the Atlantic Ocean and the Caribbean Sea.
by indictment, When Mr. Ver renounced his citizenship in 2014, he did not report the 131,000 Bitcoins he owned. Using this method, Barr allegedly evaded taxes, undervalued his Bitcoin holdings, and evaded taxes. Bitcoin is currently trading at around $57,000, meaning Ver's 131,000 Bitcoins are worth around $7.5 billion.
Mr. Ver’s indictment comes a day after the virtual currency exchange. Binance founder Zhao Changpeng, who pleaded guilty last year to money laundering charges, He received a four-month prison sentence. Before, Sam Bankman Fried, former CEO of FTX cryptocurrency exchangewas sentenced to 25 years in prison.
This article was first published quartz.
