Bitcoin advocate faces extradition after arrest in Spain, accused of evading taxes on $240 million in Bitcoin sales.
Roger Ver, a prominent figure in the cryptocurrency world often referred to as "Bitcoin Jesus," is facing serious legal troubles. Ver, known for his early investment and advocacy in Bitcoin, has been charged with several counts of tax fraud and related offenses. This news comes following his arrest in Spain, with the United States now seeking his extradition to face these charges.
Ver has been indicted on multiple charges including mail fraud, tax evasion, and filing false tax returns. The allegations suggest that he failed to report significant capital gains from his Bitcoin transactions, particularly during the time he renounced his U.S. citizenship. It is claimed that through these actions, he caused a substantial financial loss to the IRS, estimated at around $48 million.
The U.S. Department of Justice reports that Ver did not file tax returns or pay an exit tax on his capital gains after giving up his U.S. citizenship. In 2017 alone, he allegedly sold tens of thousands of bitcoins, earning approximately $240 million. However, these earnings were reportedly not disclosed to the IRS, nor were taxes paid on them. Furthermore, Ver is accused of providing false information to conceal his Bitcoin assets and the gains derived from them.
Ver's arrest and the charges against him highlight significant issues related to cryptocurrency and tax regulations. His case underscores the challenges that governments face in tracking and taxing digital assets, which can be easily moved and stored in ways that traditional financial systems cannot easily monitor. This situation also serves as a cautionary tale for other cryptocurrency holders about the importance of complying with tax laws to avoid similar legal challenges.
