IRS Files $44B Claim Against FTX; FTT and XRP at Risk

• IRS filed $44B through 45 claims against FTX exchange.
• FTT token is considered illegal along with XRP and others.

Earlier today, the United States Internal Revenue Service (IRS) filed 45 claims accounts worth 44 billion dollars against FTX, the collapsed cryptocurrency exchange platform. Along with this, it associates with the related firms as well.

More About IRS Claims

The claim reports include the partner companies of FTX such as Ledger Holdings Inc., Pioneer Street Inc., Blockfolio Inc., West Realm Shires, Paper Bird Inc., and much more. However, Alameda Research Holdings Inc. and Alameda Research LLC hold the largest claims worth $20.4 billion and $7.9 billion respectively.

Moreover, a total of $9.5 billion is claimed for withheld income and payroll taxes. Meanwhile, the claims from the other creditors aren’t considered a priority than the ones made by Admin in this IRS filing. And, one of the spokespeople of the IRS said:

“Federal law prevents the IRS from confirming or denying any correspondence with regard to any taxpayer case.”

Over the update of FTX as FTT, the token doesn’t generate a positive impact yet the ecosystem faces a bearish growth. The name ‘FTT’ was given by U.S. SEC for the FTX to be added with the other 76 illegal cryptos that are unregistered. This states that it won’t be processed with American financial law anymore. Rather than FTT, TerraUSD, Dash, and Ripple are included in the list. Probably, this would affect XRP’s price in a clash with the lawsuit.