FTX Reaches $24 Billion Tax Settlement with IRS for $200 Million, Pending Approval

Jun 4, 2024, 04:40 PM

FTX has reached a settlement with the Internal Revenue Service (IRS) regarding a $24 billion tax claim in bankruptcy court. The settlement involves FTX paying $200 million in priority claims and an additional $685 million in lower priority claims. This agreement, which is still pending a judge's approval, significantly reduces the amount FTX owes to the IRS, clearing the way for the crypto exchange to pay out significant customer recoveries. The $200 million priority claim must be paid within 60 days.